Pratik Dantara, Chief Investor Relations Officer and Head of Strategy,
| Photo Credit:
cueapi
Blackstone-backed Nexus Select Trust has acquired 100 per cent stake in the upcoming Galaxy Complex for a purchase consideration of ₹1,600 crore. The complex comprises the 0.5-million-sq-ft Nexus Galaxy Mall and a 164-key Hyatt Regency Hotel. The assets will be developed by the seller to mutually agreed specifications, with Nexus assuming operational responsibility upon completion of construction and receipt of the necessary approvals.Dalip Sehgal, Executive Director and Chief Executive Officer, Nexus Select Trust, said the acquisition marked the trust’s strategic entry into North-East India and would help build a scaled presence across the region.“This acquisition translates our stated ambition for East and North-East India into action. It marks our strategic entry into Northeast India, our second under-construction development transaction since listing and the first step towards building a scaled presence across one of the country’s most promising consumption corridors. We will now have a presence in Kolkata and Guwahati, two of the most affluent cities of the East,” he said.In a previous conversation with businessline, Pratik Dantara, Chief Investor Relations Officer and Head of Strategy, said the North-East had emerged as an attractive consumption market, particularly for beauty and personal care products.Internal consumer studies indicate that spending on categories such as skincare, cosmetics and personal care is significantly higher than the national average, with consumers often travelling to larger cities to access premium brands, he said.The company has also planned to deploy up to ₹2,000 crore towards acquisitions this year as it expands its retail real estate footprint in eastern and north-eastern India.Funding mixThe consideration will be paid upon completion of construction and receipt of the necessary approvals. The acquisition is proposed to be funded through an estimated 40 per cent debt raise, with the balance coming through fresh unit issuance and a unit swap. The final funding mix will be determined at transaction closure.The trust had also acquired Kolkata’s Diamond Plaza mall for ₹347.5 crore in April this year.Published on September 9, 2026
