Private Equity

PE-RE Fund Investments

Blackstone-backed REIT to buy 3 malls in Hyderabad from L&T for $350-M

Business Line  

Nexus Select Trust, the retail-focused real estate investment trust (REIT) sponsored by global private equity firm Blackstone, is to acquire three malls from Larsen & Toubro in Hyderabad for around USD 300-350 million. The malls, under the brand name ‘Hyderabad Next Galleria Malls’, have been developed by L&T along the metro line with a total leasable area of 1.2 million square feet.The three malls being acquired have a total area of 1 msf and with a leased occupancy of 84%. They include e-Galleria located next to Hitec City metro station and with an area of 2 lakh square feet, Next Galleria Mall at Punjagutta Metro and an area of 5 lakh square feet and Premia next to Irrum Manzil station.The acquisition of these malls will take Nexus Select Trust’s portfolio to around 11 msf of retail portfolio. The gross asset value of Nexus Select’s retail portfolio was INR 21,924 core at the end of September 2023 with an occupancy of 97%.