Latest News | Nexus Select Trust Buys Retail-cum-hotel Complex in Ludhiana for Rs 531 Cr Enterprise Value

New Delhi, May 7 (PTI) Nexus Select Trust on Wednesday said it has completed the acquisition of a commercial complex comprising a shopping mall and a hotel in Ludhiana for an enterprise value of Rs 531 crore.

In a regulatory filing, the company said it has completed the acquisition of the MBD Complex in Ludhiana.

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This high-quality, Grade-A urban consumption centre spans about 0.3 million (3 lakh) square feet and includes a 96-key Radisson Hotel.

The transaction was executed at a total enterprise value of Rs 531 crore, which includes a purchase consideration of Rs 490 crore, associated stamp duty of Rs 10 crore, closing costs and a provision for planned capital expenditure covering hotel renovations, mall upgrades, etc.

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The MBD Mall has an occupancy rate of about 95 per cent.

Nexus Select Trust is India's first publicly listed retail Real Estate Investment Trust (REIT). Its Portfolio comprises 19 shopping malls with a Gross Leasable Area of 10.6 million square feet spread across 15 cities in India, three hotel assets (450 keys) and three office assets with a Gross Leasable Area of 1.3 million square feet.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)