
According to reports from The Economic Times and Hindustan Times, Nexus Select Trust, a REIT sponsored by Blackstone, has entered into a partnership agreement to acquire 50% equity stake in the upcoming Nexus Runwal Gardens Mall in Dombivli, part of the Mumbai Metropolitan Region (MMR). The proposed mall will span 7.4 lakh sq ft of gross leasable area and will be operated in partnership with Runwal Enterprises. The REIT will acquire its stake through Garden City Malls Pvt Ltd, a wholly owned subsidiary of M/s. Runwal Residency Pvt Ltd. As reported by Team Angel One, the acquisition was approved by the Board of Directors on February 23, 2026, with the Trust acting through its manager Nexus Select Mall Management Private Limited. According to Hindustan Times, this transaction marks Nexus Select Trust's first under-construction partnership since listing, signifying a strategic evolution from its decade of disciplined portfolio expansion.
As reported by The Economic Times, the purchase consideration is set at ₹434 crore with an overall enterprise value of ₹892 crore, which includes estimated closing costs. To fund this strategic expansion, Nexus Select Trust will subscribe to NCDs worth ₹115 crore and raise a term loan of up to ₹400 crore. According to Team Angel One, the Board approved subscription by the Trust to redeemable, unlisted, unrated, secured, non-convertible debentures aggregating to ₹115 crore proposed to be issued by Runwal Residency Private Limited against second ranking security of the Mall Asset and Project Land. The term loan will be raised from Bajaj Housing Finance Limited for repayment of existing indebtedness of the Trust and its SPVs, capital expenditure, and other general corporate purposes.
The integrated shopping mall cum multiplex at Dombivli will have an approximate Gross Leasable Area of 7.3 lakh sq ft and Net Leasable Area of 4.67 lakh sq ft, as reported by Team Angel One. The mall asset is being built on land admeasuring 29,139 square meters, approximately 7.20 acres, located at Village Gharivali, Taluka Kalyan, District Thane. The Target Company was incorporated on December 10, 2025, with a paid-up capital of ₹1 lakh. The acquisition requires NCLT approval for demerger of the Mall Asset to the Target Company and is not a related party transaction. According to Hindustan Times, the proposed mall is located at the gateway of the 250-acre Runwal Garden City township, positioning it within a transformational connectivity ecosystem. The location benefits from significant infrastructure developments including Metro connectivity with Manpada station approximately 100 meters away, Airoli-Katai tunnel connectivity, Mumbai–Ahmedabad bullet train station within 2 km proximity, and Virar–Alibaug Multimodal Corridor access.
According to Hindustan Times, Dalip Sehgal, Executive Director and CEO of Nexus Select Trust, emphasized that "With this tie-up, we are extending the strategy into a structurally de-risked opportunity, backed by a strong township ecosystem, transformational connectivity and a rapidly expanding catchment." Sehgal highlighted that "this strategic tie-up reflects our long-term commitment to creating integrated, future-ready communities anchored by strong retail infrastructure." Subodh Runwal, Chairman and MD of Runwal Enterprises, stated that "We are looking forward to a long-term partnership with Nexus Select Trust, a Blackstone-sponsored REIT, to develop world-class projects in India." As per Hindustan Times, Sehgal positioned this as "more than a mall. It is an opportunity to establish a benchmark for how large-format retail can anchor emerging urban corridors and create sustainable, long-term value for brands, consumers and our unitholders."
According to the regulatory filing reported by The Economic Times, Nexus Select Trust currently operates a portfolio comprising 19 malls with 10.7 million sq ft gross leasable area spread across 15 cities in India. The portfolio also includes three hotel assets with 450 keys and three office assets with 1.3 million sq ft gross leasable area. Runwal Enterprises, the Mumbai-based developer, has delivered 15 projects spanning 11.14 million sq ft and is executing 25 ongoing projects totalling 17.39 million sq ft with a pipeline of 32 upcoming projects. As reported by Hindustan Times, this transaction marks a structurally de-risked development opportunity that leverages Runwal's development expertise and Nexus Select Trust's retail experience.
The development will be undertaken through a special purpose vehicle, combining Runwal's development expertise with Nexus Select Trust's retail experience and asset management capabilities. The transaction includes provisions for future expansion, with Nexus holding a call option to acquire the remaining 50% stake at fair market value after 36 months of acquisition. The indicative completion timeline extends within 4 years, with NCLT approval required for demerger of the Mall Asset to the Target Company. This structure allows Nexus Select Trust to participate in long-term value creation while maintaining prudent capital discipline and operational control. The partnership represents Nexus Select Trust's strategic evolution from disciplined portfolio expansion to structured development opportunities, marking its entry into high-growth micro-markets with embedded consumption bases.