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New Delhi: Nexus Select Trustwhich is sponsored by global investment firm black StonePlans to raise up to Rs 3,200 crore from India’s first retail REIT public offer. The total size of the public issue is Rs 3,200 crore, which includes fresh issue of units up to Rs 1,400 crore and offer for sale up to Rs 1,800 crore.
Earlier, the company had planned to raise up to Rs 4,000 crore from its proposed Initial Public Offer (IPO).
The company has filed its offer document with market regulator SEBI and the issue will hit the market in the second week of May.
In November last year, Nexus Select Trust Files draft red herring prospectus with SEBI to launch its retail business REIT ,real estate investment trustpublic issue.
Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering an area of 9.8 million sq. ft.
This will be the third REIT sponsored by black Stone,
It launched India’s first REIT Embassy Office Park and then Mindspace Business Park REIT.
REIT, a globally popular instrument, was introduced in India a few years ago to attract investment in the real estate sector by monetizing rental properties.
It helps in unlocking huge value of real estate properties and enables the participation of retail investors.
Currently, there are three listed REITs on the Indian stock exchanges – Embassy Office Park REIT, Mindspace Business Park REIT and Brookfield India Real Estate Trust, but all of them are leased office properties.
Nexus Select Trust will be the first REIT with retail real estate properties for rent.
Nexus Select Trust’s 9.8 million sq ft retail real estate portfolio also includes Select Citywalk Mall in South Delhi.
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