SAM Advises on Diamond Plaza Mall Sale to Nexus Select Trust
Mumbai | April 9th, 2026: Shardul Amarchand Mangaldas & Co. (SAM) acted as legal counsel to Super Diamond Enterprises and its partners on the proposed sale of 100% shareholding of the entity owning Diamond Plaza Mall in Kolkata to Nexusmalls Whitefield Private Limited, an SPV of Nexus Select Trust.
The transaction, valued at approximately INR 347.5 crore (USD ~37.4 million), involved the divestment of a marquee retail asset in West Bengal and was executed following a multi-step restructuring along with the resolution of several nuanced issues connected with the asset.
The SAM transaction team was led by Manan Mehta, Partner; Dipayan Bhattacherjee, Partner; and Rajat Sinha, Associate. The Real Estate team was led by Bhoumik Vaidya, Partner, along with Anushka Merchant, Senior Associate, and Tasneem Zaveri, Senior Associate.
This strategic sale reflects the growing trend of retail asset divestments in India, particularly in key metropolitan cities like Kolkata. The transaction underscores the importance of professional legal advice in navigating complex real estate deals and ensuring smooth transitions. Shardul Amarchand Mangaldas & Co. is known for its expertise in handling high-stakes transactions, and this deal further solidifies their reputation in the Indian legal and real estate sectors.
Nexus Select Trust, a prominent player in the real estate investment trust (REIT) market, has a strong portfolio of commercial and retail properties across India. The acquisition of Diamond Plaza Mall is expected to enhance their presence in the eastern region and provide a significant boost to their asset base.
Super Diamond Enterprises, the seller, is likely to use the proceeds from this sale to focus on other core business activities and potential expansion plans. The divestment of the Diamond Plaza Mall marks a strategic move to optimize their asset portfolio and align with market trends.
For Nexus Select Trust, the acquisition of the Diamond Plaza Mall represents a strategic investment in a high-traffic retail location. The mall, known for its diverse retail offerings and strong footfall, is expected to contribute positively to the trust's financial performance and shareholder value.
Overall, the transaction highlights the dynamic nature of the Indian real estate market and the role of legal experts in facilitating such significant deals. Shardul Amarchand Mangaldas & Co. continues to play a crucial role in shaping the legal landscape of high-value transactions in the country.
