Blackstone-backed Nexus Select Trust to launch India’s first ₹3,200 cr REIT IPO on May 9
- ByStartupStory | May 1, 2023
The initial public offering of Nexus Select Trust, a real estate investment trust backed by global investment firm Blackstone, is set to launch on May 9 and will remain open for subscription until May 11. This IPO aims to raise up to ₹3,200 crore and will be India’s first REIT IPO. While there are currently three listed REITs on stock exchanges, all are supported by office assets. Nexus Select Trust has filed its offer document with market regulator SEBI for the upcoming IPO.
The upcoming IPO of Nexus Select Trust, a real estate investment trust backed by global investment firm Blackstone, has a total issue size of ₹3,200 crore. This includes an offer for sale (OFS) of up to ₹1,800 crore and ₹1,400 crore in fresh issue. The company had previously aimed to raise ₹4,000 crore through its REIT public issue. Nexus Select Trust owns a portfolio of 17 shopping malls spread across 14 major cities, covering a total area of 9.8 million square feet. The inclusion of Select Citywalk Mall in south Delhi is noteworthy. This will be Blackstone’s third REIT sponsorship.
Blackstone-backed Nexus Select Trust is set to launch India’s first REIT IPO, offering a total issue size of ₹3,200 crore. Blackstone previously launched Embassy Office Parks and Mindspace Business Parks REITs in India, the country’s first two REITs. The introduction of REITs in India a few years ago aimed to draw investment in the real estate sector by monetizing rent-yielding assets. REITs help unlock the potential value of real estate assets and allow retail investors to participate. Currently, Indian stock exchanges have three listed REITs, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Brookfield India Real Estate Trust, all of which are leased office assets.
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