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KOLKATA: Nexus Select Trust, backed by New York-based global asset management firm Blackstone, is in advanced stages of negotiations with Diamond Group to acquire the Diamond Plaza mall in Dum Dum. This comes after the Real Estate Investment Trust (REIT) acquired South City Mall from South City Projects for Rs 3,250 crore in June.A source close to the deal said real estate consultancy Anarock, which facilitated the South City Mall deal, is involved in negotiations with the Diamond Group, promoted by the Kajaria family. “Due diligence is being conducted. The price is likely to be Rs 450-600 crore,” the source added.
When asked about the negotiations, Diamond Group MD Shreyans Kajaria said, “We have no comment on this.”
The Diamond Plaza mall was opened in 2012 and has a floor area of ​​2.5 lakh sq ft. It houses Pantaloons, Trends, Max, Reliance Bazaar, W, Biba, Turtle, Allen Solly and Manyavar, among others. It also houses a PVR multiplex.
The mall’s food and beverage offerings include Rang De Basanti, Barbeque Nation, Bhojohori Manna, KFC, Dominos, Wow Momo and Wow China.
The Diamond Plaza shopping center is the only formatted retail space in the area. Nearby shopping centers include Mani Square Mall at EM Bypass, 6 km away, and City Center II in New Town, 8 km away.
Nexus Select Trust is India’s first listed REIT. The company currently has its eye on a bigger slice of the real estate pie in the East. The trust currently operates 19 malls across 15 cities including Bengaluru, Delhi, Hyderabad, Pune, Navi Mumbai, Ludhiana and Bhubaneswar.
The REIT has plans to acquire ten shopping centers over the next twelve to eighteen months. The Diamond Plaza shopping center is on this list.
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