“The REIT has agreed to acquire a 50 per cent stake in the upcoming Nexus Runwal Gardens Mall in Dombivli, part of the Mumbai Metropolitan Region (MMR), which will be operated in partnership with Runwal Enterprises,” the filing said.
The proposed shopping center will cover a gross rental area of 7.4 million square meters.
Nexus Select Trust will acquire 50 percent equity stake in Garden City Malls Pvt Ltd, a wholly owned subsidiary of M/s. Runwal Residency Pvt Ltd.
“Purchase price of Rs 434 crore with a total enterprise value of Rs 892 crore (including estimated closing costs), subject to closing adjustments. Based on an estimated net leasable area of 4,67,000 sq ft,” the filing said.
Nexus Select Trust’s portfolio includes 19 shopping centers with a gross leasable area of 10.7 million square feet, spread across 15 cities in India, three hotel buildings (450 keys) and three office buildings with a gross leasable area of 1.3 million square feet.
Mumbai-based Runwal Enterprises has completed 15 projects covering an area of 11.14 million sq ft. It is implementing 25 ongoing projects with a total area of 17.39 million m². The company has a pipeline of 32 upcoming projects.
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