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“Nexus Select Trust strengthens its retail footprint—one mall at a time.”

Blackstone-Backed Nexus Select Trust Eyes ₹450–600 Cr Buyout of Diamond Plaza Mall

Nexus Select Trust, India’s first publicly listed retail REIT backed by Blackstone, is in advanced negotiations to acquire Diamond Plaza Mall in Dum Dum, Kolkata, for an estimated ₹450–600 crore. This comes soon after the REIT’s major purchase of South City Mall for ₹3,250 crore, highlighting its aggressive expansion strategy in the eastern market. The deal is being facilitated by Anarock, which also managed the earlier South City Mall transaction. Opened in 2012, Diamond Plaza spans 2.5 lakh sq ft and hosts prominent brands like Pantaloons, Trends, Max, Allen Solly, Manyavar, and a PVR multiplex. It stands as the only organised retail hub in its vicinity. Nexus Select Trust currently operates 19 malls across 15 cities and plans to acquire at least 10 more properties in the next 12–18 months, with Diamond Plaza on its priority list.