New Delhi : Global invest mint firm Blackstone – spoon sored Nexus Select Trust is likely to launch India’s first retail REIT public offer in early May to raise up to R 4,000 crore .
In November last year , Nexus Select Trust filed the draft red herring prospectus ( DRHP ) with market regular tor Sebata launch its retail RE IT ( Real Estate Investment Trust ) . Nexus Select Trust has a portfolio of 17 operation al shopping malls across 14 major cities , covering a 9.8 million square feet area valued at around R 23,000 crore .
According to sources , Nexus Select Trust is likely to hit the capital market in early May with its REIT IPO . It is expecting to get the Seri nod soon . The size of the IPO of Nexus Select Trust REIT will be around R 4,000 crore , of which R 1,600 crore would be a primary offering of shares . This will be the third REIT sponsored by Blackstone .
It launched India’s first REIT Embassy Office Parks and then Mind space Business Parks REIT .
REIT , a popular instrument globally , was introduced in India a few years ago to at tract investment in the real estate sector by monetising rent – yielding assets . It helps unlock the massive value of real estate assets and enable the participation of retail investors .
Nexus Select Trust will be the first REIT with rent – yielding retail real estate assets . In its portfolio of 9.8 mil lion square feet of retail real estate , Nexus Select Trust has also included Select City walk Mall in south Delhi . There are around 3,000 stores across 17 Doping malls while the number of brands is nearly 1,100 .
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