According to news reports, terms for acquisition of Select City Walk have been finanlized. Nexus Malls, an arm of Blackstone, will acquire Select City Walk.
The valuation of Select City alone could range from Rs4,000 to Rs4,500 crore. By the end of 2022, the firm plans to submit the DRHP, and out of the 12 million square feet that Select City operates, around 10 million square feet will be part of the REIT.
The Blackstone arm will have malls in every metro and mini metro after adding Select Citywalk, which has the highest sales per square foot in the nation. Nexus didn't have a mall in Delhi before.
According to reports, the promoter of Select Group hasn't added any malls to their portfolio in the 15 years that Select Citywalk has been operating and they want it to be a part of a REIT.
A publicly traded firm called a real estate investment trust (REIT) owns complexes that generate rent from businesses, residences, or retail.
There are three office REITs in the nation, but none of them specialize in retail assets.
Select Infrastructure, a partnership between the Select Group and the Aarone Group, runs Select Citywalk.
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