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With the listing, Nexus became India's first REIT with rent-yielding retail real estate assets.
Before Nexus hit the markets, there were three listed REITs -- Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust -- on Indian stock exchanges, but all of these were leased office assets.
The initial share sale of Blackstone-backed Nexus Select Trust, which comprised fresh issue of Rs 1,400 crore and an OFS of Rs 1,800 crore, was subscribed 5.73 times at close with the institutional investor category getting subscribed 5.04 times, and the other investors part was bid for 6.55 times.
Nexus Select Trust is India’s largest mall platform of 17 high-quality assets, strategically located in dense residential catchments across 14 prominent cities.
The portfolio comprises 17 Grade A urban consumption centres with a total leasable area of 9.2 msf, 2 complementary hotel assets (354 keys) and 3 office assets (1.3 msf) as of December 2022.
Over the last 3 fiscal years, Nexus Select Trust has leased 4.2 msf, added 408 new brands to their tenant base and achieved average re-leasing spreads of 19.2% on approximately 2.9 msf of re-leased space.
The Trust has maintained over 90% same-store committed occupancy between January 2018 and June 2022, with the same at 93.9% as of June 2022.
The trust will not receive any proceeds from the OFS portion. From the fresh issue net proceeds, the company will be utilising Rs 1,050 crore for the acquisition of stake and redemption of debt securities in certain asset SPVs.
Additionally, Rs 250 crore will be used for partial or full repayment of certain debts of the asset SPVs and the investment entity.
Morgan Stanley, JP Morgan, Kotak Mahindra Capital, Axis Capital, and BoA ML acted as the bankers for the offer.
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