NewsNexus Select Trust Submits FY26 Valuation Reports; Portfolio Market Value at INR 305,583 MnNexus Select Trust Submits FY26 Valuation Reports; Portfolio Market Value at INR 305,583 Mn
Nexus Select Trust submitted its FY26 Summary and Detailed Valuation Reports on May 12, 2026, under SEBI REIT Regulation 21, with total portfolio market value of INR 305,583 Mn across 20 assets in 15 cities. The valuation was conducted by iVAS Partners with CBRE South Asia as sub-consultant, using Discounted Cash Flow methodology. The portfolio spans 10.05 msf of Urban Consumption Centre leasable area (adjusted for economic interest), 1.25 msf of offices, 450 hotel keys, and a 15 MW (AC) solar park, with overall UCC committed occupancy of 96.5%.
*this image is generated using AI for illustrative purposes only.
Nexus Select Trust has submitted its Summary Valuation Report and Detailed Valuation Report for the financial year ended March 31, 2026, to the stock exchanges on May 12, 2026, pursuant to Regulation 21 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. The reports were prepared by iVAS Partners (Valuer Registration Number: IBBI/RV-E/02/2020/112), represented by partner Mr. Vijay Arvindkumar C, with CBRE South Asia Private Limited serving as sub-consultant for market intelligence and support services.
Portfolio Overview as of March 31, 2026
The valuation covers 20 assets spanning 15 cities across India, encompassing Urban Consumption Centres, office spaces, hotel developments, and a solar park. The portfolio's key characteristics are summarised below:
| Metric: | Details |
|---|---|
| Urban Consumption Centre Leasable Area: | 10.72 msf (10.05 msf adjusted for economic interest) |
| UCC Committed Occupancy: | 96.5% |
| Number of Brands: | 2,661 |
| Office Leasable Area: | 1.25 msf |
| Office Committed Occupancy: | 89.9% |
| Total Completed Area: | 11.97 msf |
| Number of Assets: | 19 |
| Hotel Keys: | 450 |
| Solar Park Capacity: | 15 MW (AC) |
Portfolio Market Value Summary
The total portfolio market value as of March 31, 2026 is INR 305,583 Mn. The table below highlights the market value of each asset:
| Property: | Asset Type | Leasable Area / Keys / MW | Market Value (INR Mn) |
|---|---|---|---|
| Nexus Select Citywalk: | Urban Consumption Centre | 0.55 msf | 50,040 |
| Nexus Elante (UCC): | Urban Consumption Centre | 1.33 msf | 52,095 |
| Elante Office: | Offices | 0.08 msf | 1,342 |
| Hyatt Regency Chandigarh: | Hotel | 211 Keys | 6,397 |
| Nexus Seawoods: | Urban Consumption Centre | 0.98 msf | 28,051 |
| Nexus Ahmedabad One: | Urban Consumption Centre | 0.89 msf | 20,500 |
| Nexus Hyderabad: | Urban Consumption Centre | 0.83 msf | 19,783 |
| Nexus Koramangala: | Urban Consumption Centre | 0.31 msf | 11,382 |
| Nexus Westend (UCC): | Urban Consumption Centre | 0.43 msf | 9,576 |
| Westend Icon Offices: | Offices | 0.98 msf | 13,496 |
| Nexus Esplanade: | Urban Consumption Centre | 0.43 msf | 11,655 |
| Nexus Amritsar: | Urban Consumption Centre | 0.54 msf | 8,851 |
| Nexus Shantiniketan: | Urban Consumption Centre | 0.41 msf* | 9,259* |
| Nexus Whitefield (UCC): | Urban Consumption Centre | 0.32 msf | 5,824 |
| Oakwood Residence Whitefield Bengaluru: | Hotel | 143 Keys | 2,495 |
| Nexus Celebration: | Urban Consumption Centre | 0.40 msf | 5,313 |
| Fiza by Nexus: | Urban Consumption Centre | 0.49 msf* | 5,057* |
| Nexus Centre City: | Urban Consumption Centre | 0.33 msf | 4,241 |
| Nexus Indore Central: | Urban Consumption Centre | 0.25 msf | 2,120 |
| Karnataka Solar Park: | Renewable Power Plant | 15 MW (AC) | 759 |
| Nexus Vega City: | Urban Consumption Centre | 0.44 msf | 10,719 |
| Nexus MBD Neopolis: | Urban Consumption Centre | — | 4,521 |
| Radisson Blu Hotel, Ludhiana: | Hotel | 96 Keys | 1,512 |
| Total – Majority Ownership: | 302,800 | ||
| Treasure Island: | Urban Consumption Centre | 0.22 msf* | 2,783* |
| Total Portfolio: | 305,583 |
*Adjusted for Nexus Select Trust's share of economic interest.
Valuation Methodology
The valuation was conducted in accordance with the IVSC International Valuation Standards (effective from January 31, 2025). The Discounted Cash Flow Method using Rental Reversion was applied to Urban Consumption Centres and office components, while the Discounted Cash Flow Method was applied to hotel and solar park components. Cash flows were projected over a 10-year horizon from the date of valuation, with an 11th-year Net Operating Income capitalized to assess terminal value.
Capitalization rates adopted for Urban Consumption Centres range from 7.50% to 8.50%, reflecting asset quality, location, and market dynamics. For office components, a capitalization rate of 8.25% was adopted. Hotel components were valued using an EV/EBITDA multiple of 14x (implying a capitalization rate of 7.14%). The Weighted Average Cost of Capital (WACC) for Urban Consumption Centres and offices ranges from 11.38% to 11.78%, while hotel components carry a WACC of 11.88%. The Karnataka Solar Park was discounted at a WACC of 11.50%.
Key Asset-Level Assumptions
Selected key assumptions adopted for the valuation as of March 31, 2026 are presented below:
| Asset: | In-place Rent (INR psf pm) | Marginal Rent (INR psf pm) | Committed Occupancy | Cap Rate |
|---|---|---|---|---|
| Nexus Select Citywalk: | 470.1 | 534.7 | 98.8% | 7.50% |
| Nexus Elante (UCC): | 197.0 | 208.9 | 94.4% | 7.50% |
| Nexus Seawoods: | 152.6 | 160.2 | 98.1% | 7.75% |
| Nexus Ahmedabad One: | 131.6 | 145.7 | 96.0% | 8.00% |
| Nexus Hyderabad: | 118.9 | 132.3 | 98.8% | 8.00% |
| Nexus Koramangala: | 191.0 | 211.1 | 96.9% | 7.50% |
| Nexus Westend (UCC): | 124.7 | 142.1 | 94.1% | 8.25% |
| Nexus Esplanade: | 154.1 | 161.7 | 98.9% | 8.00% |
| Nexus Amritsar: | 89.5 | 99.1 | 97.4% | 8.00% |
| Nexus Vega City: | 121.0 | 124.4 | 99.0% | 8.00% |
| Nexus MBD Neopolis: | 123.9 | 125.5 | 99.3% | 8.25% |
Regulatory Compliance and Disclosure
The valuation has been prepared for financial and investor reporting purposes to comply with Regulation 21 of the SEBI (REIT) Regulations, 2014. The Consultants' maximum aggregate liability for claims arising out of or in connection with the valuation report shall not exceed INR 30 Mn. The reports are intended for use by the Management, Nexus Select Trust, its Unitholders, and Axis Trustee Services Limited (Trustee). The Summary Valuation Report and Detailed Valuation Report have been uploaded on the Nexus Select Trust website at https://www.nexusselecttrust.com/regulatory-filings . The filing was signed by Vijay Kumar Gupta, General Counsel, CS and Compliance Officer (Membership No. A14545), on behalf of Nexus Select Trust.
Historical Stock Returns for Nexus Select Trust REIT
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.36% | +2.22% | +2.00% | -1.05% | +20.02% | +52.70% |
How might rising retail consumption trends in Tier-2 cities like Amritsar and Indore influence Nexus Select Trust's strategy to expand or revalue its lower-performing assets in the next valuation cycle?
Given the relatively lower occupancy at Nexus Elante (94.4%) and Nexus Westend (94.1%) compared to near-full occupancy at other assets, what leasing or tenant-mix strategies could management deploy to close this gap and boost NAV?
With capitalization rates currently ranging between 7.50% and 8.50% for Urban Consumption Centres, how sensitive is the total portfolio valuation to a potential 50–100 basis point compression or expansion driven by interest rate movements in India?
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