Blackstone-backed Nexus Select Trust to launch first retail REIT offering in India

Blackstone-backed Nexus Select Trust has plans to launch India’s first retail REIT offering in India on May 9, according to reports.

Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities. The company plans to raise INR 3,200 crore ($391 million) through an initial public offering (IPO), a decrease from the initial proposed public offer for INR 4,000 crore ($489 million) announced in November 2022.

Nexus Select Trust REIT will be available for subscription until May 11, with 75 percent of the offer reserved for qualified institutional buyers and the remaining 25 percent reserved for high-net-worth individuals.

According to an offer document, Blackstone and some other smaller holders will partially sell their stakes in Nexus, using the net proceeds from the issue to repay debts, make acquisitions, redeem debt securities in certain special purpose vehicles and meet general corporate purposes. Morgan Stanley, JP Morgan, Kotak M