Nexus Select Trust Acquires Kolkata's Diamond Plaza Mall for ₹347.5 Crore

Nexus Select Trust is set to acquire Diamond Plaza mall in Kolkata for ₹347.5 crore. The deal adds approximately 244,000 sq ft of Gross Leasable Area (GLA) and marks a strategic move to expand its presence in Eastern India.

Deal Details

The REIT's board has approved the acquisition, valued at ₹347.50 crore. A recent valuation report from December 31, 2025, estimated the property's market value at ₹415.90 crore, indicating the acquisition price is below this benchmark. For the fiscal year 2024-25, the mall generated ₹40.10 crore in revenue from operations. The transaction is expected to be finalized within about four months, subject to standard closing adjustments.

Strategic Expansion in Eastern India

This acquisition is a key step in Nexus Select Trust's strategy to grow its retail footprint across India's major urban centres. Acquiring Diamond Plaza will strengthen its position in Eastern India and diversify its asset base. The deal supports the REIT's aim to acquire income-generating retail properties for portfolio growth.

Growth Pipeline and History

As India's first listed retail REIT, Nexus Select Trust has consistently pursued growth through acquisitions. The trust aims to double its portfolio to over 30 malls by 2030. Recent purchases include the MBD Complex in Ludhiana for ₹531 crore and Vega City mall in Bengaluru for ₹913 crore. The REIT focuses on acquiring, upgrading, and repositioning assets.

Regulatory Note

In a separate matter, Nexus Select Mall Management Pvt Ltd, the REIT's manager, settled allegations with the Securities and Exchange Board of India (SEBI) regarding net worth non-compliance. The company paid ₹24.37 lakh to resolve these issues, a point investors may consider.

Market Outlook and Risks

The acquisition completion depends on customary closing conditions. A valuation report highlighted "Heightened Market Volatility" due to global geopolitical tensions and economic factors, which could impact the Indian property market. The past SEBI settlement also indicates a history of regulatory scrutiny.

Peer Landscape

Nexus Select Trust focuses on the retail REIT sector, differentiating itself from peers like Embassy Office Parks REIT, Brookfield India REIT, and Mindspace Business Parks REIT, which primarily deal in commercial office spaces. This retail focus allows Nexus Select Trust to directly benefit from India's consumption growth.

What to Watch Next

Investors will monitor the completion of the Diamond Plaza acquisition within the next four months. Key points to track include any significant closing adjustments, the asset's performance post-acquisition, and its integration into Nexus Select Trust's portfolio. Future announcements regarding the REIT's expansion plans and progress toward its 2030 targets will also be important.