Nexus Select Trust, a retail-focused real estate investment trust (REIT) sponsored by private equity firm Blackstone, is picking up a 50% stake in a shopping mall being constructed by Mumbai developer Runwal Enterprises Ltd.
The REIT will buy the stake in Nexus Runwal Gardens Mall for Rs 434 crore ($47.7 million), at an enterprise value of Rs 892 crore, it said in a statement. This is the first time the REIT has invested in an under-construction mall, it said.
The mall is located in Dombivli, in the Mumbai Metropolitan Region, at the gateway of the 250-acre Runwal Garden City township, which will house about 30,000 residential units. It will have a gross leasing area of 7.3 lakh sq. ft. It is likely to be completed within four years.
Nexus said that the transaction signifies “a strategic evolution” of its platform, which has scaled from two malls to 19 assets across 15 cities in India. The investment allows the REIT to participate in “long-term value creation while maintaining prudent capital discipline and full operational control”, said Dalip Sehgal, CEO at Nexus Select Trust.
Nexus Select Trust listed on the exchanges in 2023. The IPO involved a fresh issue of Rs 1,400 crore and Blackstone selling units worth Rs 1,800 crore ($220 million then). Blackstone also sold a near 20% stake in Nexus in August 2024. The PE firm held 22.3% of the units in the REIT at the end of December 2025.
The REIT acquired Vega City Mall in Bengaluru for about Rs 913 crore last year. It is planning to double its portfolio over the next five years, betting on rising demand in smaller cities.
Apart from the shopping malls, Nexus also owns three hospitality and three office assets. It has an acquisition pipeline of 11 more assets, it said in its investor presentation for the October-December quarter of 2025-26.
Meanwhile, Runwal is led by founder and chairman Subhash Runwal. Its portfolio spans projects across residential, commercial, retail, and educational segments. It has delivered 15 projects so far and is executing 25 projects.
