Latest News | Nexus Select Trust to Raise Up to Rs 3,200 Cr from Its Retail REIT Public Issue, to Launch IPO in May
Get latest articles and stories on Latest News at LatestLY. Nexus Select Trust, which is sponsored by global investment firm Blackstone, plans to raise up to Rs 3,200 crore from India's first retail REIT public offer.
New Delhi, Apr 28 (PTI) Nexus Select Trust, which is sponsored by global investment firm Blackstone, plans to raise up to Rs 3,200 crore from India's first retail REIT public offer.
The total size of the public issue is Rs 3200 crore, which includes fresh issue of units up to Rs 1,400 crore and an offer for sale of up to Rs 1800 crore.
Earlier, the company had planned to raise up to Rs 4,000 crore from its proposed Initial Public Offer (IPO).
The company has filed its offer document with market regulator SEBI and the issue will hit the market in the second week of May.
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In November last year, Nexus Select Trust filed the draft red herring prospectus with SEBI to launch its retail REIT (Real Estate Investment Trust) public issue.
Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering a 9.8 million square feet area.
This will be the third REIT sponsored by Blackstone.
It launched India's first REIT Embassy Office Parks and then Mindspace Business Parks REIT.
REIT, a popular instrument globally, was introduced in India a few years ago to attract investment in the real estate sector by monetising rent-yielding assets.
It helps unlock the massive value of real estate assets and enables the participation of retail investors.
At present, there are three listed REITs -- Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust -- on Indian stock exchanges, but all of these are leased office assets.
Nexus Select Trust will be the first REIT with rent-yielding retail real estate assets.
Nexus Select Trust's portfolio of 9.8 million square feet of retail real estate also includes Select Citywalk Mall in south Delhi.
(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)