Cyril Amarchand Mangaldas and Wadia Ghandy Act on Nexus Select Trust and Runwal Enterprises JV for Mumbai Mall

Cyril Amarchand Mangaldas (CAM) has advised Nexus Select Trust (Nexus REIT) on the formation of a joint venture with Runwal Enterprises for the construction and development of a retail mall in Dombivli, Kalyan, Mumbai. Wadia Ghandy & Co. acted as the Indian legal counsel to Runwal Residency.

The retail development will have a gross leasable area (GLA) of approximately 7.3 to 7.4 lakh sq ft, classified as Grade-A urban retail. The total project investment is estimated at over INR 900 crore.

Nexus Select Trust has paid an equity purchase consideration of INR 434 crore for a 50 percent stake in the project, implying an enterprise value of about INR 892 crore for the asset, including closing-related costs.

Bobby Parikh Associates acted as tax advisors to both Runwal Residency Private Limited and Nexus Select Trust. Ernst & Young also provided tax advisory services to Nexus Select Trust, while Anarock acted as the technical advisor to Nexus Select Trust.

CAM's transaction team was led by partners Kota Chandan and Krithika Chandrasekaran, with assistance from principal associate George Kurian, senior associate Jayant Belgaumkar, and associate Sushant Khalkho.

The real estate team at CAM was led by partner Jinal Mehta, with assistance from senior associates Yashvi Shah and Ankita Shah. They conducted title due diligence of the land where the mall is proposed to be constructed and provided structuring advice.

The financing team at CAM was led by partners Pranav Sharma and Hariharan Kumar, with assistance from senior associate Madhurima Singh and associate Renuka Nevgi. They drafted and negotiated the debt documents. Partner Pooranimaa Hariharan, with assistance from Consultant Isiri SD and associate Tarun Reddy, assisted in drafting acquisition documents. Partner Janhavi Manohar advised on the regulatory aspects of the transaction in relation to the REIT Regulations.

Corporate due diligence was handled by consultant Aditya Gore and associates Kamiya Gupta, Akshata Bhat, and Chiranth S.

Wadia Ghandy’s team was led by managing partner Dhawal Mehta and included deputy managing partner Denzil Arambhan, partners Apeksha Munot and Aayushi Mehta, and associates Vedangi Tulzapurkar, Yash Sethna, Yashvi Jain, and Pankti Shah.

This joint venture marks a significant step in the development of high-quality retail spaces in the Mumbai region, leveraging the expertise and resources of both Nexus Select Trust and Runwal Enterprises. The project is expected to contribute to the growth of the retail sector in the area and provide a premium shopping experience for residents and visitors alike.

The involvement of top legal and advisory firms like CAM and Wadia Ghandy & Co. underscores the importance and complexity of such large-scale real estate projects. Their expertise in navigating the legal and regulatory landscape will be crucial in ensuring the successful completion and operation of the mall.