Nexus REIT plans to float Rs 4,000 crore IPO in May

Global private equity significant Blackstone Group-sponsored Nexus Select Trust REIT, India's maiden real estate expenditures trust (REIT) with selling properties, is set to launch its initial public offering to raise over Rs 4,000 crore fund in the first week of May, said people with direct knowledge of the development.

This will be Blackstone's third REIT in the country, including both of the earlier trusts. Embassy REIT, backed by an institutional investor, was India's first REIT and made its public market debut in year 2019, while Mindspace REIT listed in 2021.

"The draft red-herring prospectus (DRHP) for the Nexus REIT was filed in mid-November, and the process is underway to file the offer document by mid-April in the next few days the total asset value of the portfolio is estimated to be over $3 billion," said one of the persons related to the development.

Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities in India, covering 10 million sq ft of retail space. 

These properties are in cities including Delhi, Bengaluru, Navi Mumbai, Chandigarh, Chennai and Hyderabad that collectively represent 30% of the country's discretionary retail spending and have seen strong population growth.