Nexus Select Trust, India’s first publicly listed retail REIT backed by Blackstone, has finalized the acquisition of the MBD Complex in Ludhiana for a total enterprise value of INR531 crore. The deal includes a purchase consideration of INR490 crore, with the remaining amount covering stamp duty, closing costs, and planned capital expenditures for renovations and upgrades.
The MBD Complex spans approximately 300,000 square feet and comprises the MBD Neopolis Mall and a 96-key Radisson Blu Hotel. The mall boasts a high occupancy rate of around 95%, featuring a diverse mix of international and domestic brands.
Financed through Nexus’s inaugural issuance of sustainability-linked bonds, the acquisition was made at a 14% discount to independent valuations. The property is projected to generate a stabilized retail net operating income of INR37 crore and a hotel operating profit of INR12.5 crore in the fiscal year 2025-26.
Dalip Sehgal, Executive Director and CEO of Nexus Select Trust, stated that this acquisition strengthens the REIT’s presence in North India, complementing its existing assets in Chandigarh and Amritsar. He emphasized that the addition aligns with the company’s vision to build a resilient, pan-India platform anchored in growth, sustainability, and consumer satisfaction.
With this acquisition, Nexus Select Trust’s portfolio now includes 19 shopping malls across 15 cities, three hotel assets totaling 450 keys, and three office assets with a gross leasable area of 1.3 million square feet.
