Nexus Select Trust has announced a strategic acquisition that marks a significant milestone in its growth trajectory. The Board of Directors approved the acquisition of a 50% equity stake in Garden City Malls Private Limited for INR 434 crores, representing the REIT's first under-construction development partnership since its public listing.

Strategic Acquisition Details

The transaction involves acquiring 50% equity shareholding in Garden City Malls Private Limited, a wholly owned subsidiary of Runwal Residency Private Limited. The deal structure includes comprehensive financial arrangements designed to support the Trust's expansion strategy.

Mall Development and Infrastructure

The integrated shopping mall cum multiplex is strategically positioned at Dombivli, part of the Mumbai Metropolitan Region. The asset will be located at the gateway of the 250-acre Runwal Garden City township, which will house approximately 30,000 residential units with nearly 5,000 families already residing within the development.

The location benefits from significant infrastructure developments including:

• Metro connectivity with Manpada station approximately 100 meters away
• Airoli-Katai tunnel connectivity
• Mumbai–Ahmedabad bullet train station within 2 km proximity
• Virar–Alibaug Multimodal Corridor access

Financial Arrangements and Funding

The Board approved multiple financial initiatives to support the acquisition and operational requirements:

Partnership Structure and Timeline

The development will be undertaken through a special purpose vehicle, combining Runwal's development expertise with Nexus Select Trust's retail experience and asset management capabilities. The transaction includes provisions for future expansion, with Nexus holding a call option to acquire the remaining 50% stake at fair market value after 36 months of acquisition.

The indicative completion timeline extends within 4 years, with NCLT approval required for demerger of the Mall Asset to the Target Company. This structure allows Nexus Select Trust to participate in long-term value creation while maintaining prudent capital discipline and operational control.

Market Position and Growth Strategy

This acquisition represents Nexus Select Trust's strategic evolution from disciplined portfolio expansion to structured development opportunities. The REIT has scaled from two malls to 19 best-in-class assets across India, and this partnership marks its entry into high-growth micro-markets with embedded consumption bases.

The Board meeting, held on February 23, 2026, commenced at 12.02 Hrs IST and concluded at 12.24 Hrs IST, with all necessary approvals granted for this transformative transaction.

Nexus Select Trust has completed the allotment of commercial papers worth ₹200 crores following approval from its borrowing committee on February 06, 2026. The transaction represents a significant debt market activity by the trust, managed through Nexus Select Mall Management Private Limited.

Commercial Paper Details

The allotment consists of 4,000 units of commercial papers, each carrying a face value of ₹5,00,000. The papers are structured as listed, rated, redeemable, rupee-denominated instruments issued on a private placement basis in dematerialised form.

Regulatory Framework

The commercial papers have been issued under the terms and conditions specified in the applicable transaction documents, along with the Disclosure Document dated February 02, 2026. The borrowing committee's resolution was passed through circulation, demonstrating efficient decision-making processes within the trust's governance structure.

Market Listing

The commercial papers are proposed to be listed on the wholesale debt market segment of BSE Limited. This listing will provide institutional investors access to the instruments while maintaining the private placement structure of the issuance.

Corporate Governance

The allotment was formally communicated to both the National Stock Exchange of India Limited and BSE Limited through proper regulatory channels. Vijay Kumar Gupta, Company Secretary and Compliance Officer with membership number A14545, signed the regulatory filing on behalf of Nexus Select Trust through its manager, Nexus Select Mall Management Private Limited.

The trust operates under scrip symbol "NXST" with scrip code 543913, while maintaining separate scrip codes for its various debt instruments including NCDs and commercial papers.