Nexus Select Trust Expands Eastern India Footprint With Diamond Plaza Acquisition

Nexus Select Trust, India’s first publicly-listed real estate investment trust (REIT) backed by Blackstone, has received board approval to acquire the Diamond Plaza mall in Kolkata for ₹347.5 crore. The board of directors of Nexus Select Mall Management, which serves as the manager to the trust, approved the execution of share purchase agreements and other transaction documents to finalize the acquisition.

The Diamond Plaza asset encompasses approximately 244,000 square feet of retail space. Located in the Dum Dum area of Kolkata, the property serves as the only formatted mall in that specific locality and houses a variety of prominent food and beverage brands alongside retail tenants.

Expansion Strategy in Eastern India

The acquisition of Diamond Plaza is part of a broader strategic effort by Nexus Select Trust to increase its presence in eastern India. This move follows the trust’s acquisition of South City Mall in mid-2025, a transaction valued at ₹3,250 crore.

Jayen Naik, President of operations at Nexus Select Trust, has identified the east as a priority market for the company’s growth initiatives.

The trust is currently executing an expansion drive with plans to acquire 10 new malls over the next 12 to 18 months. This acceleration is intended to strengthen the trust’s regional footprint and consolidate its position as a dominant mall operator in the Kolkata market.

Portfolio Composition and Regional Targets

Nexus Select Trust currently manages a portfolio of 19 malls distributed across 15 Indian cities. The trust maintains strong clusters in Chandigarh, Delhi-NCR, and various western markets, as well as in the south through the Forum mall chain. Prior to its recent expansions, the trust’s operational presence in the eastern region was limited to a single mall in Bhubaneswar.

To triple its owned retail footprint in the East, the REIT is conducting due diligence on several additional properties. Jayen Naik confirmed the ongoing process regarding these acquisitions:

We have the board approval to carry out due diligence on three malls. We hope to close the transaction within a year

Jayen Naik, President (operations) at Nexus Select Trust

Among the properties under consideration is the Diamond City North Mall, located on Jessore Road near Nagerbazar in Kolkata. Market estimates suggest the transaction value for this specific asset could reach ₹600 crore.

Beyond Kolkata, the trust is implementing a regional buy strategy to identify and acquire suitable retail locations in other eastern cities, specifically targeting:

• Patna
• Ranchi
• Guwahati

Market Context

The acquisition of Diamond Plaza from the Diamond Group follows a period of advanced negotiations where initial pricing reports had placed the asset’s value between ₹450 crore and ₹600 crore before the board-approved figure of ₹347.5 crore was established.

This series of acquisitions signals a shift toward the use of institutional capital to shape the organized retail landscape in India. The trust’s focus on formatted retail hubs in strategic locations like Dum Dum is intended to enhance regional strength and provide a stable foundation for long-term growth in the retail real estate sector.