Nexus Select Trust Eyes Diamond Plaza in Kolkata: A Strategic Move in Eastern Retail
Nexus Select Trust, India’s leading retail REIT, is in advanced talks to acquire Diamond Plaza in North Kolkata, expanding its footprint in the eastern market.
Nexus Select TrustDiamond PlazaReal EstateRetail ReitKolkataReal Estate MumbaiSep 21, 2025
Backed by Blackstone, the REIT currently operates 19 malls across major cities, including Bengaluru, Delhi, Hyderabad, Pune, Navi Mumbai, Ludhiana, and Bhubaneswar. Its properties host over 1,000 domestic and international brands like Zara, H&M, Apple, Starbucks, and Cinepolis, spread across more than 3,000 stores.
“Discussions are ongoing for a potential buyout of malls in Kolkata as well as smaller cities such as Ranchi and Jamshedpur,” said a person aware of the talks, requesting anonymity. Nexus, however, declined to comment on “market speculation.”
Industry consultants say the move reflects the company’s strategic bet on eastern markets, where organized retail penetration per capita is still low. According to Anarock Research, leasing demand for mall space in 2024 hit 6.5 million sq. ft against a fresh supply of just 1.1 million sq. ft, pushing rents higher. More than 16 million sq. ft of new grade-A mall space is projected to be added across the top seven cities by 2026. Nexus Select Trust reported revenues of Rs 2,282.9 crore from operations in FY25, a 19 per cent jump from the previous year, with 97.2 per cent occupancy across its portfolio.
Its acquisition pipeline remains active, with recent buys including the MBD Neopolis mall in Ludhiana for Rs 490 crore and Bengaluru’s Vega City mall for Rs 913 crore. If concluded, the Diamond Plaza deal would consolidate the REIT’s east India footprint while catering to Kolkata’s growing appetite for branded retail.
Frequently Asked Questions
What is Nexus Select Trust?
Nexus Select Trust is India’s first publicly listed retail real estate investment trust (REIT), backed by Blackstone. It operates a portfolio of 19 malls across major cities in India, hosting over 1,000 domestic and international brands.
What is the estimated value of the Diamond Plaza deal?
The estimated value of the Diamond Plaza deal is between Rs 500 to Rs 600 crore.
Why is Nexus Select Trust interested in expanding to Kolkata?
Nexus Select Trust is interested in expanding to Kolkata to tap into the growing demand for organized retail in the eastern market, where penetration per capita is still low.
What is the current occupancy rate of Nexus Select Trust’s portfolio?
Nexus Select Trust reported a 97.2 per cent occupancy rate across its portfolio in FY25.
What are some recent acquisitions by Nexus Select Trust?
Recent acquisitions by Nexus Select Trust include the MBD Neopolis mall in Ludhiana for Rs 490 crore and Bengaluru’s Vega City mall for Rs 913 crore.
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