Global investment firm Blackstone-backed Nexus Select Trust’s initial public offering will open on May 9 3,200 crores. It will be available for subscription till May 11.
This will be India’s first REIT (Real Estate Investment Trust) IPO. Currently, there are three listed REITs on the stock exchanges but all are backed by office properties.
Nexus Select Trust has filed offer document with market regulator SEBI for its IPO.
The total size of the public issue of IPO is 3,200 crores, which includes Offer for sale (OFS) up to Rs 1,400 crore 1,800 crores.
Earlier the company 4,000 crore from its proposed REIT public issue.
Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering an area of 9.8 million sq. ft. This will be the third REIT sponsored by Blackstone. Nexus Select Trust Select Citywalk Mall in South Delhi has also been included.
It launched India’s first REIT Embassy Office Park and then Mindspace Business Park REIT.
REIT, a globally popular instrument, was introduced in India a few years ago to attract investment in the real estate sector by monetizing rental properties. It helps in unlocking huge value of real estate properties and enables the participation of retail investors.
Currently, there are three listed REITs on the Indian stock exchanges – Embassy Office Park REIT, Mindspace Business Park REIT and Brookfield India Real Estate Trust, but all of them are leased office properties.
There are around 3,000 stores in 17 shopping malls while the number of brands is around 1,100.
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.