Blackstone's Indian retail arm, Nexus Malls files for IPO

Blackstone Inc owned Nexus Select Trust, a real estate investment trust (REIT) filed draft papers for an initial public offering with SEBI. The company could raise $500 million from the market which includes $200 million from the primary issue and $300 million from the secondary components.

As per news reports, the company is looking to hit the capital markets in the first half of 2023.  This will be the third REIT sponsored by Blackstone. Earlier, the company launched two other REITs- Embassy Office Parks REIT and then Mindspace Business Parks REIT. Nexus Select Trust will be the company’s first REIT with rent-yielding retail real estate assets.

Nexus owns 17 malls in 14 Indian cities including Mumbai, Delhi, Chandigarh and Bengaluru. As per the website data, it has over 300 stores and more than 135 million footfalls in a year. Recently, it also acquired one of the biggest malls in Delhi, Select City Walk for about $550 million. 

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