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Benchmarksclosed Nifty17,624.0524.90 Precious Metal Gold (MCX) (Rs/10g.)60,080.00-431.00 Search for Reliance | News English EditionEnglish Editionहिन्दीગુજરાતીमराठीবাংলাಕನ್ನಡമലയാളംதமிழ்తెలుగు | Today's Paper Sign In Special Offer on ETPrime Home ETPrime Markets News Industry Rise Politics Wealth Mutual Funds Tech Careers Opinion NRI Panache ET NOW More India Decoded Web Stories Morning Brief Podcast Newsblogs Economy Agriculture Finance Foreign Trade Indicators Infrastructure Policy Industry Politics Company Corporate Trends Defence NationalInternationalIndustry More InternationalCanada NewsUK NewsUS NewsUAESaudi ArabiaBusinessWorld NewsET EvokeElectionsLok SabhaAssembly ElectionsKarnatakaSportsScienceEnvironmentET TVLatest NewsMost ReadMost SharedMost Commented Business News›News›India›Nexus REIT plans to float '4,000-crore IPO in May THE ECONOMIC TIMES DAILY NEWSPAPER IS AVAILABLE ONLINE NOW. Read Today's Paper NEXUS REIT PLANS TO FLOAT '4,000-CRORE IPO IN MAY SECTIONS Nexus REIT plans to float '4,000-crore IPO in May By Kailash Babar , ET BureauLast Updated: Apr 10, 2023, 09:04 AM IST Synopsis 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. Global private equity major Blackstone Group-sponsored Nexus Select Trust REIT, India’s maiden real estate investment trust (REIT) with retail properties, is set to launch its initial public offering to raise over Rs 4,000 crore in the first week of May, said persons with direct knowledge of the development. This will be Blackstone’s third REIT in the country, including both of the earlier trusts that housed office properties. Embassy REIT, backed by an institutional investor, was India’s first REIT and made its public market debut in 2019, while Mindspace REIT listed in 2021. "The DRHP (draft red-herring prospectus) 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 mentioned above. 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. The retail portfolio, with over 3,000 stores, has a total occupancy rate of 95% and witnesses an annual footfall of over 130 million shoppers, according to the DRHP. ET was the first to report that this retail REIT portfolio will include south Delhi’s Select Citywalk Mall. The proposed REIT portfolio will also include the global institutional investors' recent acquisition of Prestige Group’s commercial assets, including malls in Bengaluru, Chennai and Hyderabad. Some of the other retail assets that will be part of the REIT include Elante, Ahmedabad One, Nexus Koramangala and Seawoods Grand Central, which are located across key cities. Morgan Stanley, JP Morgan, Kotak Mahindra Capital, Axis Capital and BoA ML are the bankers for the proposed public issue. India is one of the fastest growing economies in the world, led by the growing middle-class population and rapid urbanisation. This is driving a robust trend in consumption, which makes up nearly 60% of India’s gross domestic product (GDP). The global investor is looking at listing its retail assets’ REIT against the backdrop of rising consumption levels, favourable demographics, and the increasing presence of aspirational brands in the country. Blackstone declined to comment on the story. The Indian retail market is underpenetrated, with only 13% organised retail as opposed to around 86% in the US. Blackstone has emerged as the most aggressive institutional investor in India, with overall assets under management estimated to be $60 billion across various sectors, making it one of the top 10 business groups in the country. Real estate accounts for nearly $22 billion of this market value across over 40 investments. The US private equity major is the largest office owner in India, with an office portfolio of over 130 million sq ft across 38 assets in seven cities. Of this, around 13 million sq ft offices are under construction and 16 million sq ft is future development. It has created the Nucleus Office Parks platform with 25 million square feet for hosting 100% owned commercial assets. Blackstone additionally owns 35.5 million square feet of logistics space under Horizon Industrial Parks portfolio and Greenbase Industrial and Logistics Park. REIT is an investment trust that owns, manages, and operates income-producing real estate assets. It allows individual investors to make an investment in this platform and earn income in the form of rental yield and appreciation in the capital value of the property. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! READ MORE NEWS ON nexusnexus select trustblackstoneindiaprestige groupnexus select trust reitblackstone group (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.) 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The only global membership video-on-demand platform for streaming documentaries. Explore, question and discover real stories that enlighten, enchant and entertain. 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ENJOY FREE SUBSCRIPTIONS & DISCOUNTED DEALS FROM TOP BRANDS TERMS & CONDITIONS * The offer is applicable for all users buying/renewing the Annual plan or 2-year plan. * Post the free trial of 15 days, the Times Prime coupon code will be sent to registered email address within 10 working days from completion of the trial period. * For existing users (renewing users) or users who have exhausted their trial period in the past, will receive the Times Prime coupon code to their registered email address within 10 working days from the payment completion. * Users are required to redeem their Times Prime coupon code on or before 31-03-2023. * ET Prime solely reserves the right to resolve this issue as per the company policy. In any event. whatsoever, ET Prime's liability will not exceed the amount paid by the user during the transaction. * ET Prime reserves the right to withdraw or modify this offer without any liability at its own discretion. * These terms shall at all times be read and understood in conjunction with the T&C and Privacy Policy of ET Prime available at :etprime.com/terms-conditions. * Times Prime subscription offers the below benefits:- * Hotstar + Disney : 6 months subscription worth Rs. 450 * SonyLiv: 6 month subscription worth Rs. 699 * Headspace: 6 months subscription worth Rs. 449 * TOI+ : 12 months subscription worth Rs. 650 * Gaana+: 1-year subscription worth Rs. 399 * Myntra: 15% discount over & above * Uber: 20% off on rides * Chaayos: Complimentary chai * Times Prime reserves the right to add/modify/delete any of the benefits at its own discretion. * Times Prime terms and conditions shall apply at all times.. * In case of any concerns, the user may reach out to us at :care@etprime.com. The only global membership video-on-demand platform for streaming documentaries. Explore, question and discover real stories that enlighten, enchant and entertain. Features: * A new release every day * Stream on multiple screens * Award winning documentaries from 100+ countries * Stunning 4K & HD quality * Wide range of topics including Travel, Culture, Science, Crime, Nature, History and more * TERMS & CONDITIONS * The offer is applicable for all users buying/renewing the Annual plan or 2-year plan. * Post the free trial of 15 days, the Docubay coupon code will be sent to the registered email address within 15 working days from completion of the trial period. * For existing users (renewing users) or users who have exhausted their trial period in the past, will receive the Docubay coupon code to their registered email address within 15 working days from the payment completion. * Users are required to redeem their Docubay coupon code on or before 31-3-2023. * ET Prime solely reserves the right to resolve any issue as per the company policy. In any event. whatsoever, ET Prime's liability will not exceed the amount paid by the user during the transaction. * ET Prime reserves the right to withdraw or modify this offer without any liability at its own discretion. * These terms shall at all times be read and understood in conjunction with the T&C and Privacy Policy of ET Prime available at etprime.com/terms-conditions. * The above mentioned offers are indicative and may change over time. * A new release every day * Docubay terms and conditions shall apply at all times. ENJOY FREE SUBSCRIPTIONS & DISCOUNTED DEALS FROM TOP BRANDS TERMS & CONDITIONS * The offer is applicable for all users buying/renewing the Annual plan or 2-year plan. * Post the free trial of 15 days, the Times Prime coupon code will be sent to registered email address within 10 working days from completion of the trial period. * For existing users (renewing users) or users who have exhausted their trial period in the past, will receive the Times Prime coupon code to their registered email address within 10 working days from the payment completion. * Users are required to redeem their Times Prime coupon code on or before 31-03-2023. * ET Prime solely reserves the right to resolve this issue as per the company policy. In any event. whatsoever, ET Prime's liability will not exceed the amount paid by the user during the transaction. * ET Prime reserves the right to withdraw or modify this offer without any liability at its own discretion. * These terms shall at all times be read and understood in conjunction with the T&C and Privacy Policy of ET Prime available at :etprime.com/terms-conditions. * Times Prime subscription offers the below benefits:- * Hotstar + Disney : 6 months subscription worth Rs. 450 * SonyLiv: 6 month subscription worth Rs. 699 * Headspace: 6 months subscription worth Rs. 449 * TOI+ : 12 months subscription worth Rs. 650 * Gaana+: 1-year subscription worth Rs. 399 * Myntra: 15% discount over & above * Uber: 20% off on rides * Chaayos: Complimentary chai * Times Prime reserves the right to add/modify/delete any of the benefits at its own discretion. * Times Prime terms and conditions shall apply at all times.. * In case of any concerns, the user may reach out to us at :care@etprime.com. The only global membership video-on-demand platform for streaming documentaries. Explore, question and discover real stories that enlighten, enchant and entertain. Features: * A new release every day * Stream on multiple screens * Award winning documentaries from 100+ countries * Stunning 4K & HD quality * Wide range of topics including Travel, Culture, Science, Crime, Nature, History and more * TERMS & CONDITIONS * The offer is applicable for all users buying/renewing the Annual plan or 2-year plan. * Post the free trial of 15 days, the Docubay coupon code will be sent to the registered email address within 15 working days from completion of the trial period. * For existing users (renewing users) or users who have exhausted their trial period in the past, will receive the Docubay coupon code to their registered email address within 15 working days from the payment completion. * Users are required to redeem their Docubay coupon code on or before 31-3-2023. * ET Prime solely reserves the right to resolve any issue as per the company policy. In any event. whatsoever, ET Prime's liability will not exceed the amount paid by the user during the transaction. * ET Prime reserves the right to withdraw or modify this offer without any liability at its own discretion. * These terms shall at all times be read and understood in conjunction with the T&C and Privacy Policy of ET Prime available at etprime.com/terms-conditions. * The above mentioned offers are indicative and may change over time. * A new release every day * Docubay terms and conditions shall apply at all times. ENJOY FREE SUBSCRIPTIONS & DISCOUNTED DEALS FROM TOP BRANDS TERMS & CONDITIONS * The offer is applicable for all users buying/renewing the Annual plan or 2-year plan. * Post the free trial of 15 days, the Times Prime coupon code will be sent to registered email address within 10 working days from completion of the trial period. * For existing users (renewing users) or users who have exhausted their trial period in the past, will receive the Times Prime coupon code to their registered email address within 10 working days from the payment completion. * Users are required to redeem their Times Prime coupon code on or before 31-03-2023. * ET Prime solely reserves the right to resolve this issue as per the company policy. In any event. whatsoever, ET Prime's liability will not exceed the amount paid by the user during the transaction. * ET Prime reserves the right to withdraw or modify this offer without any liability at its own discretion. * These terms shall at all times be read and understood in conjunction with the T&C and Privacy Policy of ET Prime available at :etprime.com/terms-conditions. * Times Prime subscription offers the below benefits:- * Hotstar + Disney : 6 months subscription worth Rs. 450 * SonyLiv: 6 month subscription worth Rs. 699 * Headspace: 6 months subscription worth Rs. 449 * TOI+ : 12 months subscription worth Rs. 650 * Gaana+: 1-year subscription worth Rs. 399 * Myntra: 15% discount over & above * Uber: 20% off on rides * Chaayos: Complimentary chai * Times Prime reserves the right to add/modify/delete any of the benefits at its own discretion. * Times Prime terms and conditions shall apply at all times.. * In case of any concerns, the user may reach out to us at :care@etprime.com. The only global membership video-on-demand platform for streaming documentaries. Explore, question and discover real stories that enlighten, enchant and entertain. Features: * A new release every day * Stream on multiple screens * Award winning documentaries from 100+ countries * Stunning 4K & HD quality * Wide range of topics including Travel, Culture, Science, Crime, Nature, History and more * TERMS & CONDITIONS * The offer is applicable for all users buying/renewing the Annual plan or 2-year plan. * Post the free trial of 15 days, the Docubay coupon code will be sent to the registered email address within 15 working days from completion of the trial period. * For existing users (renewing users) or users who have exhausted their trial period in the past, will receive the Docubay coupon code to their registered email address within 15 working days from the payment completion. * Users are required to redeem their Docubay coupon code on or before 31-3-2023. * ET Prime solely reserves the right to resolve any issue as per the company policy. In any event. whatsoever, ET Prime's liability will not exceed the amount paid by the user during the transaction. * ET Prime reserves the right to withdraw or modify this offer without any liability at its own discretion. * These terms shall at all times be read and understood in conjunction with the T&C and Privacy Policy of ET Prime available at etprime.com/terms-conditions. * The above mentioned offers are indicative and may change over time. * A new release every day * Docubay terms and conditions shall apply at all times. Get One Year Docubay Subscription worth ₹999 for free Stream award-winning international documentaries from more than 100 countries. KNOW MORE Offers By Our Partners Exclusively for Members Annual plan worth ₹15000, now at 50% off ₹7500/yr Access unlimited research summaries with a research network that unites Insight Providers, Investors and Investor Relations Professionals Know More 7Member only Newsletters Never miss a story that matters PrimeShots Sharp, short, snappy insights to help you stay up-to-date in under 120 seconds! Today's Edition Daily edition of latest ET Prime stories Prime Vantage The classic weekend read. Subscribe Now 8 Gift a story Your membership includes story gifting credits. Now gift exclusive stories to your friends & peers. 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Balu Ramachandran Senior Vice President, Cleartrip * 1 * 2 * 3 * 4 11A trusted team of Journalists & Analysts Unbiased perspective & detailed reporting by our team of journalists who have in-depth knowledge and years of experience * Shishir Prasad Editor Two decades of tracking strategy, technology, and money. Loves stories that combine logic and aesthetics. * Ami Shah Senior Assistant Editor, Markets Keeps an eye on everything related to stock markets * Anand J Senior Assistant Editor, Fintech and Internet Economy Covering Indian startup ecosystem and technology. 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In my free time I dabble in derivatives and music * Pravin Palande Executive Editor Markets and investment specialist * Priyanka Sahay Assistant Editor If it's odd, it's a story. 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Covers trucking, old economy companies and new age startups. * Vikas Dandekar Editor, Pharma and Healthcare India’s pre-eminent pharma reporter with over two decades in the business * Varsha Santosh Correspondent, Money and Markets Juggling with data * Vyas Mohan Senior Sub-Editor I have 15 years of experience. I moved to ET Prime’s rewrite team from the Asia desk of Thomson Reuters. * 1 * 2 * 3 * 4 * 5 * 6 * 7 * 8 * 9 * 10 * 11 * 12 * 13 * 14 * 15 Subscribe Now FREQUENTLY ASKED QUESTIONS WHAT DO I GET WITH AN ET PRIME MEMBERSHIP? An ET Prime membership gets you • Unlimited access to all ET Prime content on all platforms • Access to in-depth reports on 4000+ stocks and complete access to ET Print Edition • Access to community discussions on ET Prime, and opportunity to become a contributor • Invites to ET Prime members-only event DO I NEED TO CREATE AN ACCOUNT TO BUY A MEMBERSHIP? Yes, you need to sign-in/sign-up using your email ID or any of your social accounts to buy an ET Prime subscription. CAN I BUY A MEMBERSHIP TO ONLY THE DESKTOP SITE OR APP? No, a membership gets you access on all platforms. WHAT IS YOUR CANCELLATION POLICY? There is no refund in case you want to cancel your membership, unless explicitly stated. WHAT IS THE DURATION OF THE TRIAL PERIOD? Currently, we are not offering trial with any of our plans. WHAT TYPES OF PAYMENT DO YOU ACCEPT? We accept payment via credit cards, debit cards, net banking, UPI and wallets. I DON'T LIVE IN INDIA. CAN I STILL BECOME A MEMBER? Yes, you can become an ET Prime member from anywhere in the world. Annual International subscription is available at USD 34 only. For international subscription, drop us an email at care@etprime.com. WILL MY MEMBERSHIP BE RENEWED AUTOMATICALLY? Membership purchased through all credit cards and some debit cards will be automatically renewed. We will inform you before the renewal is due. You can cancel the auto-renewal any time from within your profile settings. I HAVE PAID FOR A MEMBERSHIP, BUT DID NOT CREATE AN ACCOUNT. WHAT SHOULD I DO? To reclaim your membership, please reach us at care@etprime.com. HOW DO I GET AN INVOICE FOR MY MEMBERSHIP? To issue an invoice, please share the billing name, address, and contact number at care@etprime.com. In case you require a GST invoice, please share the GST number, billing address, and contact number on the same email ID. DO I ALSO GET THE ECONOMIC TIMES NEWSPAPER AT HOME WITH THIS MEMBERSHIP? No, this is a membership to ET Prime only. Though, you get complete access to ET Print edition - The digital website of ET Newspaper. WHAT IF I DON'T WANT TO BECOME A MEMBER? CAN I STILL READ SOME ARTICLES FOR FREE? A very small portion of our stories are free to read. You can access them by signing in. DO I ALSO GET THE ECONOMIC TIMES EPAPER ACCESS WITH THIS MEMBERSHIP? As an ET Prime member, you will get access to ET Print Edition - The digital website of ET Newspaper. However, in order to access epaper you would need to purchase a separate subscription. The only global membership video-on-demand platform for streaming documentaries. Explore, question and discover real stories that enlighten, enchant and entertain. Features: * A new release every day * Stream on multiple screens * Award winning documentaries from 100+ countries * Stunning 4K & HD quality * Wide range of topics including Travel, Culture, Science, Crime, Nature, History and more * TERMS & CONDITIONS * The offer is applicable for all users within India buying/renewing the Annual plan or 2-year plan. * Post the free trial of 15 days, the Docubay coupon code will be sent to the registered email address within 15 working days from completion of the trial period. * For existing users (renewing users) or users who have exhausted their trial period in the past, will receive the Docubay coupon code to their registered email address within 15 working days from the payment completion. * Users are required to redeem their Docubay coupon code on or before 01-06-2021. * ET Prime solely reserves the right to resolve any issue as per the company policy. In any event. whatsoever, ET Prime's liability will not exceed the amount paid by the user during the transaction. * ET Prime reserves the right to withdraw or modify this offer without any liability at its own discretion. * These terms shall at all times be read and understood in conjunction with the T&C and Privacy Policy of ET Prime available at etprime.com/terms-conditions. * The above mentioned offers are indicative and may change over time. * Docubay terms and conditions shall apply at all times. WHY ? * Exclusive Economic Times Stories, Editorials & Expert opinion across 20+ sectors * Stock analysis. Market Research. Industry Trends on 4000+ Stocks * Clean experience with Minimal Ads * Comment & Engage with ET Prime community * Exclusive invites to Virtual Events with Industry Leaders * A trusted team of Journalists & Analysts who can best filter signal from noise Stories you might be interested in Subscribe to ourET Investment Opportunities SUBMIT BACK TO TOP