Nexus Select Trust , India's first listed retail Real Estate Investment Trust (REIT), has announced significant changes to its Board of Directors, effective November 4, 2025.

New Director Appointment

Mr. Siddharth Nawal has been appointed as an Additional Non-Executive Non-Independent Director of the company. Mr. Nawal brings substantial experience to the board, serving as a Principal in the Real Estate group at Blackstone India. Since joining Blackstone in 2015, he has been instrumental in managing direct asset investments across various real estate sectors, including retail, commercial, hospitality, and residential.

Mr. Nawal's association with Nexus Select Trust dates back to its inception. He played a pivotal role in the successful REIT listing of Nexus Select Trust in May 2023, demonstrating his deep understanding of the company's operations and market position.

Chairperson Resignation

Concurrently, Mr. Tuhin Parikh has stepped down from his position as Non-Executive Non-Independent Director and Chairperson of the company. Mr. Parikh's resignation is effective from the closure of business hours on November 4, 2025, citing pre-occupation as the reason for his departure.

In his resignation letter, Mr. Parikh confirmed that he has no pending dues from the company or claims of any nature against the company or its affiliates, directors, officers, and employees in connection with his directorship or resignation.

Leadership Transition

Following these changes, Mr. Asheesh Mohta, a current Nexus director, has been appointed as the new Chairman of the Board.

Financial Performance

These board changes come at a time when Nexus Select Trust is reporting strong financial performance. For the quarter ended September 30, 2025, the company declared a distribution of ₹2.20 per unit, aggregating to ₹3,329.97 million. This distribution comprises:

The company also reported a Net Asset Value (NAV) of ₹159.35 per unit as of September 30, 2025, based on the Gross Asset Value derived in the Valuation Report issued by iVAS Partners.

These board changes and strong financial results underscore Nexus Select Trust's commitment to robust governance and sustained growth in India's dynamic real estate market.

Nexus Select Trust , a prominent player in the Indian real estate investment trust (REIT) sector, has initiated a strategic move to optimize its retail space utilization. The trust has requested hypermarkets operating within its portfolio of 19 shopping malls spread across 15 cities to reduce their operational footprint.

Retail Space Optimization Strategy

The decision to downsize hypermarkets, which typically occupy large areas within shopping malls, reflects a shift in Nexus Select Trust's approach to space management. This move could potentially allow for:

• More diverse tenant mix
• Improved space efficiency
• Enhanced revenue per square foot

Widespread Impact

The scale of this initiative is significant, affecting:

• 19 shopping malls
• 15 different cities

This widespread implementation suggests a comprehensive strategy rather than a localized adjustment.

Potential Implications

While the trust has not disclosed specific reasons for this request, the decision could have several implications:

Changing Consumer Behavior

This move might be a response to evolving shopping patterns, with consumers potentially favoring smaller, specialized stores over large hypermarkets.

Revenue Optimization

By reducing the space allocated to hypermarkets, Nexus Select Trust might be aiming to increase its rental income by accommodating more high-value tenants in the freed-up space.

Adapting to E-commerce

The rise of online shopping might be influencing the need for expansive physical retail spaces, prompting this adjustment.

Looking Ahead

As Nexus Select Trust implements this strategy, it will be interesting to observe how hypermarket operators respond and adapt to the requested changes. The outcome of this initiative could potentially influence retail space management trends across the broader Indian mall landscape.

The trust's ability to successfully execute this transformation while maintaining attractive, vibrant shopping destinations will be crucial for its performance in the competitive retail real estate sector.