Nexus Select Trust , a prominent player in the Indian real estate investment trust (REIT) sector, has successfully completed three significant financial transactions, demonstrating its robust financial management and market confidence.

Commercial Paper Redemption

Nexus Select Trust has successfully redeemed Commercial Paper (CP) worth ₹3,500.00 crore across multiple series. The redemption, which took place on the scheduled maturity date, included the following series:

• Series II (B) – Tranche B
• Series II (B) - Tranche C
• Series II (A) - Tranche C
• Series I (B)

A total of 7,000 commercial papers were redeemed, with full payment made on time. Following this redemption, Nexus Select Trust has no outstanding amount or remaining obligations related to these instruments.

New Commercial Paper Issuances

Nexus Select Trust's management approved the allotment of new commercial papers in two separate issuances:

First Issuance

Second Issuance

Both sets of commercial papers are listed, rated, redeemable, and rupee-denominated. They will be issued in dematerialized form on a private placement basis and are proposed to be listed on the wholesale debt market segment of BSE Limited.

Market Implications

These transactions highlight Nexus Select Trust's active management of its short-term debt instruments. The successful redemption of the earlier commercial papers demonstrates the trust's ability to meet its financial obligations promptly. Simultaneously, the issuance of new commercial papers at a discount rate of 5.89% suggests continued investor confidence in Nexus Select Trust's financial health and market standing.

The trust's ability to roll over its commercial paper program with new issuances totaling ₹2,200.00 crore on the same day as a significant redemption indicates strong liquidity management and market access. This financial maneuvering allows Nexus Select Trust to optimize its working capital and maintain financial flexibility in the dynamic real estate investment trust sector.

Investors and market watchers will likely view these transactions positively, as they reflect Nexus Select Trust's proactive approach to financial management and its continued ability to attract short-term funding at favorable rates.

Nexus Select Trust , India's first listed retail REIT, has announced its financial results for the quarter ended June 30, along with a significant distribution to unitholders.

Financial Performance

For Q1, Nexus Select Trust reported:

• Tenant sales of INR 33.00 billion, with 11% year-over-year growth
• Retail Net Operating Income of INR 4.20 billion, reflecting 12% annual growth
• Distribution of INR 3,378.00 million (INR 2.23 per unit), up 12% quarter-over-quarter

Operational Highlights

• Re-leased 0.27 million square feet during the quarter at healthy spreads
• Approximately 50% of gross rentals expiring in the next 4 years showing 20% mark-to-market potential
• Commissioned a 13 MW solar plant in Karnataka, expected to generate 19 million units annually with over 20% yield on cost
• Maintained strong balance sheet with loan-to-value ratio at 18%
• Reduced average debt cost to 7.50%

Portfolio Performance

• Operates 19 consumption centers across 15 cities
• 10.60 million square feet of gross leasable area
• Maintained 97.20% leased occupancy
• Recent acquisitions Vega City and MBD Complex showed positive performance, with Vega City achieving 12% year-over-year tenant sales growth

Distribution Details

The board has declared a distribution of INR 3,378.00 million (INR 2.23 per unit) for Q1, marking its 8th consecutive quarter of 100% payout.

Conclusion

Nexus Select Trust's Q1 results showcase robust performance across its retail portfolio. The significant growth in tenant sales, NOI, and distribution, coupled with strategic initiatives like the solar plant commissioning, position the Trust well for sustained growth in the Indian retail real estate market.