Nexus Select Trust Sees 7% Surge in Net Operating Income to Rs 413 Crore in Q1FY25
Nexus Select Trust's retail real estate assets have a tenant base of over 1,000 domestic and international brands, with a Net Operating Income (NOI) growth of 8% YoY in Q1FY25.
Nexus Select TrustReitRetail Real EstateNet Operating IncomeShopping MallsReal Estate NewsJul 30, 2024
The company has declared a distribution of Rs 325.3 crore or Rs 2.147 per unit for the first quarter of 2024-25. Additionally, Nexus Select Trust has signed two term sheets for the acquisition of 0.8 million square feet of retail assets and has commenced due diligence.
Nexus Select Trust's portfolio comprises 17 shopping malls with a Gross Leasable Area of 9.9 million square feet spread across 14 cities in India, two complementary hotel assets (354 keys), and three office assets with a Gross Leasable Area of 1.3 million square feet. The company's retail real estate assets have a tenant base of over 1,000 domestic and international brands spanning across around 3,000 stores.
Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust, said, 'We witnessed robust retail net operating income growth of 8% YoY in market conditions where macro consumption growth was soft due to one-off reasons like uneven weather patterns and general elections.'
On the inorganic growth front, Sehgal said, 'Our strategy remains intact. With the vision to double our retail portfolio net operating income in the next 5 years, we have signed two term sheets to acquire 2 retail assets totaling 0.8 million square feet in the quarter. These will be funded by debt and are expected to close in the next few months.'
The company's board has also approved raising funds by issuing listed, rated, redeemable, commercial papers, for an aggregate principal amount of up to Rs 500 crore and also non-convertible debentures up to an aggregate principal amount of Rs 1,200 crore in one or more transactions, series, or tranches.
Frequently Asked Questions
What is the net operating income of Nexus Select Trust for Q1FY25?
Rs 412.7 crore
What is the growth rate of Nexus Select Trust's retail Net Operating Income (NOI) in Q1FY25?
8% YoY
What is the distribution declared by Nexus Select Trust for Q1FY25?
Rs 325.3 crore or Rs 2.147 per unit
How many shopping malls does Nexus Select Trust's portfolio comprise?
17
What is the Gross Leasable Area of Nexus Select Trust's office assets?
1.3 million square feet
Related News Articles
India's Real Estate Sector Sees Record Investments of $4.8 Billion in H1 2024
Institutional investments in Indian real estate surge to a record $4.8 billion, driven by foreign and domestic investors, with emerging sectors like data centres and life sciences gaining traction.
Rainfall Red Alert: IMD Warns of Heavy Downpours in Telangana, Karnataka, Goa, and Maharashtra
IMD issues red alert for heavy rainfall in Telangana, Karnataka, Goa, and Maharashtra; orange alert issued for 9 states
Cyber Criminals Swindle Pune-Based Real Estate Firm of Rs 40 Lakh Using Whale Phishing Scam
Pune City police reports nearly eight 'whale phishing attacks' since July last year, with a real estate company losing Rs 4 crore in a similar scam.
Flex Space Operators Capitalize on Rising Demand in the Real Estate Market
As companies increasingly opt for flex spaces to optimize costs and enhance employee satisfaction, flex space operators are actively tapping into the market to secure funding and expand their operations.
Stanley Lifestyles Boosts Presence in Pune with Rs 40 Crore Investment
Pune, India, 30 January 2025: Stanley Lifestyles Ltd, India's leading real estate developer, has announced a significant expansion into the Pune market with an initial investment of Rs 40 crore. This move is driven by the robust growth of the real estate
Puravankara Expands Its Reach in Western India: Driving Revenue Growth
Puravankara, a leading real estate developer, has seen a significant portion of its revenues coming from western India, particularly from cities like Pune and Mumbai. The company is expanding its footprint with new launches and phases, contributing to its