Nexus Select Trust Acquires 50% Stake in Runwal Enterprises' Dombivli Mall
Nexus Select Trust, a retail REIT sponsored by Blackstone Inc., announced a significant tie-up with Mumbai-based developer Runwal Enterprises on February 23. The partnership involves the acquisition of a 50% stake in an under-construction 7.3 lakh sq ft shopping mall in Dombivli, located near Mumbai.
Under the agreement, Nexus Select Trust will invest ₹434 crore to secure a 50% stake in the upcoming Nexus Runwal Gardens Mall in Dombivli, part of the Mumbai Metropolitan Region (MMR). This marks the company's first-ever strategic partnership involving an under-construction retail development.
The proposed mall will span approximately 7.3 lakh sq ft gross leasable area (GLA) and is strategically located at the gateway of the 250-acre Runwal Garden City township. This transaction signifies a strategic evolution of Nexus Select Trust’s platform, expanding from two malls to 19 best-in-class assets across India. It underscores the company's long-term commitment to India’s rapidly growing consumption story.
The development will be undertaken through a special purpose vehicle, leveraging Runwal’s development expertise and deep insights, along with Nexus Select Trust’s retail experience and asset management strength. Dalip Sehgal, Executive Director and Chief Executive Officer of Nexus Select Trust, emphasized the significance of this partnership: “With this tie-up, we are extending the 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.”
Sehgal further added, “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. As India’s consumption story deepens beyond Tier I city cores into high-density suburban markets, Nexus Select Trust intends to be the institutional partner of choice in shaping the next generation of urban consumption centres.”
Subodh Runwal, Chairman and MD of Runwal Enterprises, echoed the sentiment, stating, “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. We are looking forward to a long-term partnership with Nexus Select Trust, a Blackstone-sponsored REIT, to develop world-class projects in India.”
Nexus Select Trust's portfolio currently comprises 19 malls with a gross leasable area of 10.7 million sq ft, spread across 15 cities in India. Additionally, the company owns three hotel assets (450 keys) and three office assets with a gross leasable area of 1.3 million sq ft.
