08 April 2023, Mumbai
Nexus Malls, the Indian retail portfolio arm of Blackstone Group, is reportedly in talks to acquire all six malls owned by Virtuous Retail South Asia, a joint venture between Singapore’s Xander Group and Dutch investor APG.
The deal, which also includes two under-construction malls in Mumbai and Delhi, is expected to be worth about Rs 3,500-4,000crore. The rebound of the Indian retail sector following Covid-19 is driving increased demand for well-managed retail spaces in both tier I and tier II cities. The consolidation of leased assets is becoming a trend, as more international funds seek secure returns from real estate assets such as malls.
The move comes as Blackstone prepares for India’s first retail real estate investment trust (REIT), which is set to be listed by June this year with a valuation of around $3 billion, including Blackstone-Nexus and Select City malls.
