Blackstone-Backed Nexus Select Trust Acquires 50% Stake in Runwal's Dombivli Mall
Nexus Select Trust, a listed retail Real Estate Investment Trust (REIT) backed by Blackstone, announced on February 23rd its first strategic tie-up for an under-construction development. The trust has agreed to acquire a 50% stake in the upcoming Nexus Runwal Gardens Mall in Dombivli, part of the Mumbai Metropolitan Region (MMR), to be operated in partnership with Runwal Enterprises. The proposed mall will span approximately 7.3 Lac sq. ft. GLA (gross leasable area).
The development will be undertaken through a special purpose vehicle, with Runwal’s development.
The proposed mall is located at the entry of Runwal Garden City, which will house approximately 30,000 residential units, with nearly 5,000 families already residing within the development, creating an embedded consumption base. The asset is strategically positioned within a rapidly transforming infrastructure corridor, including Metro connectivity (Manpada station ~100m away), the Airoli–Katai tunnel, the Mumbai–Ahmedabad bullet train station (within 2 km), and the Virar–Alibaug Multimodal Corridor.
Dalip Sehgal, Executive Director and Chief Executive Officer of Nexus Select Trust, said, “This tie-up marks the beginning of a new chapter, with this being our first under-construction transaction since listing. Over the past decade, we have built the country’s largest portfolio of institutional-grade retail assets through disciplined acquisitions, operational excellence, and a clear understanding of where India’s consumption growth is headed—scaling from two malls to 19 best-in-class assets across the country.”
With this tie-up, we are extending our strategy into a structurally de-risked opportunity, backed by a strong township ecosystem, transformational connectivity, and a rapidly expanding catchment. Importantly, the structure allows us to participate in long-term value creation while maintaining prudent capital discipline and full operational control. We see this as more than a mall. It is an opportunity to establish a benchmark for how large-format retail can anchor emerging urban corridors and create sustainable, long-term value for brands, consumers, and our unitholders.
Subodh Runwal, Chairman and Managing Director of Runwal Enterprises, said, “This strategic tie-up reflects our long-term commitment to creating integrated, future-ready communities anchored by strong retail infrastructure. The scale of Runwal Garden City, combined with transformational connectivity across metro, high-speed rail, and multimodal corridors, positions this development to serve one of the fastest-growing consumption corridors in the region.”
Nexus Select Trust, backed by Blackstone, is a leading retail REIT in India, focusing on acquiring and managing high-quality retail properties. Runwal Enterprises is a prominent real estate developer known for its integrated townships and commercial projects in the Mumbai Metropolitan Region. This partnership is expected to set new standards in retail development and urban planning in the region.
