Nexus Select Trust Acquires Diamond Plaza Mall in Kolkata for ₹347.5 Crore

Original: Nexus Select Trust to acquire Kolkata's Diamond Plaza mall for ₹347.5 cr

Business Standard•Apr 7, 20262 min

In a Nutshell

Nexus Select Trust has approved the acquisition of Diamond Plaza mall in Kolkata for ₹347.5 crore (approximately $42 million USD). This strategic move aims to enhance its presence in Eastern India and is expected to generate an estimated revenue of ₹40.1 crore in fiscal year 2025.

Key Points

01Nexus Select Trust acquires Diamond Plaza mall for ₹347.5 crore.
02The mall has a gross leasable area of approximately 244,000 square feet.
03Revenue from the mall is projected to reach ₹40.1 crore in FY25.
04Nexus Select Trust aims to double its portfolio by 2030.
05The REIT's tenant sales for the first nine months of FY26 reached ₹10,800 crore.

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Full Summary

Nexus Select Trust, India's only listed real estate investment trust (REIT), has secured approval from its board to acquire the Diamond Plaza mall located in Kolkata for ₹347.5 crore (approximately $42 million USD). This acquisition involves the purchase of the owning entity, Super Diamond Enterprises, and is part of a strategy to optimize the mall's operations. The mall features a gross leasable area of about 244,000 square feet. Nexus anticipates the mall will generate an estimated revenue of ₹40.1 crore in fiscal year 2025, up from ₹37 crore in FY24. This move aligns with Nexus Select Trust's objective to expand its footprint in Eastern India. The REIT, which currently manages 19 assets across 15 cities with an occupancy rate of around 97%, aims to double its portfolio by 2030. Additionally, Nexus has projected a 10% growth in distribution for FY26, with net operating income expected to rise by 15%, reaching ₹1,711 crore in FY25.

Key Figures

₹347.5 crore

Acquisition cost of Diamond Plaza mall

244,000 sq ft

Gross leasable area of the mall

₹40.1 crore

Projected revenue from the mall in FY25

97%

Occupancy rate of Nexus Select Trust's portfolio

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Why It Matters

The acquisition is expected to enhance local retail offerings and create job opportunities in Kolkata, benefiting both consumers and the local economy.

Who is affected

local retailers, shoppers, and potential employees in the mall.

What to know

Local businesses should explore partnership opportunities with the mall to leverage increased foot traffic.

FAQ

The acquisition allows Nexus Select Trust to expand its presence in Eastern India and optimize the utilization of the mall asset.

It aligns with the Trust's goal to double its portfolio by 2030 and enhances its operational revenue.

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