Nexus Select Trust acquires Ludhiana mall, hotel for Rs 490 crore
Listed Real Estate Investment Trust (REIT) Nexus Select Trust has completed the acquisition of MBD Complex , which consists of an operational mall and a hotel in Ludhiana at a total enterprise value of Rs 531 crore including consideration of Rs 490 crore.The transaction comprising a 0.3 million sq ft urban consumption centre and a 96-key Radisson Hotel marks the REIT's second post-listing asset and reinforces its inorganic growth strategy.The enterprise value includes a purchase consideration, associated stamp duty of Rs 10 crore, closing costs and a provision for planned capital expenditure--covering hotel renovations, mall upgrades, etc, the REIT said in a regulatory filing.'With a strong presence already established in Chandigarh and Amritsar, this addition strengthens our portfolio and deepens our roots in a strong consumption-driven market…this acquisition aligns perfectly with our long-term vision to build a resilient, pan-India platform anchored in growth, sustainability, and consumer delight,' said Dalip Sehgal, Executive Director and CEO Nexus Select Trust.The acquisition is completely financed by maiden issuance of sustainability-linked bonds , he said while adding the property is acquired at a significant discount to independent valuation, the deal is both net asset value and distribution per unit accretive that will help deliver immediate value to unitholders.MBD Mall's current occupancy rate is around 95%, anchored by a well-diversified tenant base with key international and domestic brands.The asset has been acquired at 14% discount to independent valuation and is expected to deliver a stabilized retail net operating income of Rs 37 crore and Rs 12.5 crore hotel operating profit in 2025-26.
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