Nexus Select Trust sponsor BREP Asia SG Forum Holding (NQ) Pte. Ltd created a pledge over 1,300,000 units on September 11, 2026. The encumbrance secures obligations for a related credit facility.

The pledge was established in favour of Deutsche Bank AG, acting as the onshore security agent for the lenders. This action brings the total pledged units held by the sponsor to 34,909,064, representing 100% of its total holding in the trust. The sponsor's total unitholding stands at 34,909,064 units, which is 2.30423% of the total outstanding units of the trust.

Pledge Details

The transaction values the pledged units at ₹217.3 crore, based on the NSE volume-weighted average price as of September 11, 2026. The pledge agreement was dated June 3, 2026, and relates to a facility agreement originally executed on June 13, 2023, and amended on September 23, 2025.

Purpose of Borrowing

The amounts borrowed by the borrower under the facility agreement have been utilized for genuine business purposes of the pledgor outside India. The funds were not used for any investments, either directly or indirectly, in India. Furthermore, the borrowing has not resulted in any capital inflow into India.

What the Numbers Show

The pledge covers the entire stake held by BREP Asia SG Forum Holding. With 34,909,064 units now encumbered, the sponsor has no unpledged units remaining in its portfolio. This indicates that all equity held by this specific sponsor group entity is currently serving as collateral for external borrowing obligations outside India.

Regulatory Disclosure

The disclosure was made under Regulation 12.3.1 of Chapter 12 of the SEBI Master Circular for Investment Trusts (REITs), bearing reference number SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated July 11, 2025. The trust received the intimation on September 15, 2026, following pre-clearance granted on September 11, 2026.

Nexus Select Trust has approved the acquisition of a 100% equity stake in Galaxy Infra Creations Pvt. Ltd. (GICPL) for ₹1,600 crore. The board meeting on September 9, 2026, sanctioned the Share Purchase Agreement to expand the trust’s footprint in Northeast India.

The target entity owns a Grade-A mall with approximately 516,000 sq. ft. of Gross Leasable Area and a 164-key Hyatt Regency Hotel in Guwahati. Both assets are currently under construction and expected to be completed by December 2027.

Deal Structure

The total consideration is subject to customary closing adjustments. The payment structure comprises a combination of cash and unit swap. The trust will acquire 56,39,300 equity shares with a face value of ₹10 each. Funding is proposed through an estimated 40% debt raise, with the balance via fresh unit issuance and unit swap.

Strategic Rationale

This acquisition marks the first step in Nexus Select Trust’s strategy to build presence in high-potential consumption markets across East and Northeast India. Guwahati serves as an attractive entry point into the region. The deal is not classified as a related-party transaction, and no sponsor or group company holds an interest in GICPL.

Valuation Report Details

The trust released a valuation report dated September 9, 2026, assessing the projected market value as of December 31, 2027. The report assigns a total projected market value of ₹16,479 million to the assets upon completion.

The valuation uses the Discounted Cashflow Method. For the retail mall, a capitalization rate of 8.00% and a discount rate of 11.75% were adopted. For the hotel, an EV/EBITDA multiple of 14x and a discount rate of 11.88% were used. The report assumes annual rental growth of approximately 5%.

Financial Profile of Target

GICPL was incorporated on September 3, 2013, and operates in the real estate sector. Its paid-up capital stands at ₹5.64 crore. Revenue figures indicate minimal operational activity prior to this development phase.

What the Numbers Show

The enterprise value of ₹1,600 crore contrasts sharply with GICPL’s audited revenue of ₹0.288 crore in FY25. This valuation reflects the underlying asset value of the under-construction Grade-A mall and hotel rather than current operating cash flows. The revenue spike from ₹0.005 crore in FY24 to ₹0.288 crore in FY25 suggests initial project-related income recognition. The acquisition implies a cap rate range of 8.25-8.50% for the mall and an EBITDA multiple range of 11.5-12.5x for the hotel, according to the press release.

Timeline and Approvals

The acquisition is tentatively expected to complete within 18 months. No governmental or regulatory approvals are required for the transaction itself, though the valuation report notes that actual market conditions may differ materially from assumptions. The property enjoys good frontage towards NH-27, Guwahati, and is located approximately 27 kilometres from Lokpriya Gopinath Bordoloi International Airport.