Key Points
Nexus Select Trust, the Blackstone Group-backed real estate investment trust, plans to focus on eastern India for fresh acquisitions, a top executive said...
It is looking to add new properties spread around 1.5 million sq ft to its portfolio every year for the next three to five years, said Arjun Sharma, vice chairman at Nexus Select Mall Management...
The trust will invest 2% of revenue every year to refurbish its malls, he said.. Sharma, who was the promoter of Select City Walk mall in Delhi, said he decided to become a partner in the REIT as the group was looking to expand the portfolio for a while...
And by participating in this platform, though we will be a minority shareholder, but across 17 malls and hopefully we'll have the opportunity to grow this platform in the years to come, said Sharma...
The companys LTV (loan to value ratio) is 15, compared with 5-16% for other REITs and that allows it headroom to raise around half a billion dollars, he said.. Nexus Select Trust has added Delhis Select Citywalk to its portfolio with the issue of fresh units to its promoters that will hold around 25% stake in the listed REIT..
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