Home / Business and Economy / Nexus Buys Guwahati Mall & Hotel for Rs 1600 Cr
Nexus Buys Guwahati Mall & Hotel for Rs 1600 Cr
9 Sep
Summary
- Nexus Select Trust acquires mall and hotel in Guwahati.
- Deal valued at Rs 1,600 crore for under-construction assets.
- Marks REIT's strategic entry into northeast India consumption markets.
Nexus Select Trust, a listed REIT focused on retail assets, has announced its intention to acquire a 100 percent stake in Galaxy Infra Creations Pvt Ltd. This acquisition involves a shopping mall and a 164-key Hyatt Regency Hotel, both currently under construction in Guwahati, for a total of Rs 1,600 crore. This transaction signifies Nexus' strategic entry into the consumption markets of northeast India, with Guwahati serving as an attractive starting point.
The development of these assets will be completed by the seller to mutually agreed specifications. Nexus Select Trust will assume operational responsibility once construction is finished and necessary approvals are obtained. The total consideration for the deal will be a combination of cash and unit swap. This move aligns with the Trust's business objectives and its broader strategy to establish a presence in the high-potential consumption markets of eastern and northeastern India.
