Nexus Reit Eyes Kolkata's Diamond Plaza in Latest Acquisition Bid
Nexus Select Trust, a Blackstone-backed retail real estate investment trust (Reit), is in advanced talks to acquire Kolkata's Diamond Plaza for an estimated ₹500-600 crore. This move is part of the company's strategy to expand its portfolio and tap into the growing demand for mall space in India.
Nexus Select TrustBlackstoneReal Estate InvestmentKolkataDiamond PlazaReal EstateSep 20, 2025
The move is linked to the company’s focus on the organized and branded consumption segment, where per capita usage remains low. One of the people quoted earlier said, speaking on the condition of anonymity, “They feel there is a market retail penetration per capita very low and they are trying to bridge that gap.”
The gap between demand for mall space and available supply widened for a third straight year in 2024. According to data by Anarock Research, 6.5 million sq. ft. was leased against a new supply of 1.1 million sq. ft. This reduced vacancies and pushed rentals higher as brands target affluent shoppers seeking premium experiences. The property consultant estimates that over 16.6 million sq. ft. of new grade A mall space will enter the top seven cities during 2025 and 2026.
Diamond Plaza, which opened in September 2012, is a neighborhood shopping center in North Kolkata. Its tenants include Pantaloons, Trends, Max, Reliance Digital, W, and Manyavar.
A spokesperson for Nexus Select Trust said, “We don’t comment on market speculation. As of now, Nexus Select Trust does not have any physical presence in Kolkata.”
Nexus Select Trust, incorporated in August 2022, is India’s first publicly listed REIT. Its tenants typically include international and premium brands such as Zara, H&M, Apple, Lifestyle, Cinepolis, and Starbucks. The company already operates malls in Amritsar, Ludhiana, Delhi, Indore, Navi Mumbai, Pune, Hyderabad, Bengaluru, and Bhubaneswar.
“Our acquisition pipeline remains robust. We have got around 10 plus assets in the pipeline across different states in India. Multiple conversations are going on, both on the Asset Acquisition as well as a couple of conversations on the greenfield development,” Pratik Dantara, head of strategy, Nexus Select Trust, said during its June quarter earnings call. “We are hopeful that once the Hyderabad acquisition closes, we will be able to close a few more in this financial year.”
Typically, Blackstone acquires the assets, which are then added to the Nexus portfolio. The REIT is also evaluating multiple deals across the east.
“There are discussions going on for a potential buyout of malls and shopping centers in Kolkata, as well as smaller cities such as Ranchi and Jamshedpur,” said the second person in the know, who didn’t wish to be named.
In fiscal 2025, Nexus Select Trust’s revenue from operations stood at ₹2,282.9 crore, up 19% from the previous year. It had a total area under lease of 1.1 million square feet with a 97.2% occupancy rate. These properties house over 1,000 domestic and international brands in more than 3,000 stores.
In February, Nexus announced the acquisition of the MBD Neopolis mall and its attached Radisson Blu Hotel in Ludhiana for ₹490 crore. It also closed the acquisition of Vega City mall in Bengaluru for ₹913 crore. In 2024, it announced plans to acquire three grade-A malls in Hyderabad from Larsen and Toubro (L&T) for ₹1,000 crore.
Meanwhile, eastern India, beyond Kolkata in particular, has seen little interest from investors and grade-A mall developers so far. Nexus Select Trust’s rival Phoenix Mills, which boasts a retail portfolio with 12 operational malls, is building its first property in Kolkata.
In July, Blackstone Group acquired South City Mall in Kolkata for ₹3,250 crore from South City Projects in the largest retail asset buyout in recent years.
Frequently Asked Questions
What is Nexus Select Trust?
Nexus Select Trust is a Blackstone-backed retail real estate investment trust (Reit) incorporated in August 2022. It is India’s first publicly listed REIT and operates a portfolio of malls across various cities.
Why is Nexus Select Trust interested in acquiring Diamond Plaza in Kolkata?
Nexus Select Trust is interested in acquiring Diamond Plaza to expand its portfolio and tap into the growing demand for mall space in India, particularly in the organized and branded consumption segment.
What is the estimated value of the Diamond Plaza acquisition?
The estimated value of the Diamond Plaza acquisition is ₹500-600 crore.
What are some of the notable tenants at Diamond Plaza?
Diamond Plaza's notable tenants include Pantaloons, Trends, Max, Reliance Digital, W, and Manyavar.
What other significant acquisitions has Nexus Select Trust made recently?
Nexus Select Trust has recently announced the acquisition of the MBD Neopolis mall and its attached Radisson Blu Hotel in Ludhiana for ₹490 crore, and the Vega City mall in Bengaluru for ₹913 crore.
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