Kolkata: Nexus Select Trust has acquired Diamond Plaza mall in Nagerbazar, north Kolkata, for Rs 347.5 crore, in a move that deepens its presence in eastern India’s organised retail sector.
With this purchase, the retail real estate investment trust now has a portfolio of 20 malls, excluding South City Mall, which is held separately by its parent group.
Backed by global investment firm Blackstone, which manages assets worth about one trillion US dollars, Nexus Select Trust’s latest acquisition underscores continued investor interest in Kolkata’s retail market.
This is the second mall acquisition in the city by a Blackstone-backed entity in less than a year. In June 2025, Blackstone acquired South City Projects, including the prominent South City Mall, for Rs 3250 crore from a consortium of local developers.
Industry observers see the Diamond Plaza deal as strategically important. Unlike South Kolkata, which has multiple organised retail hubs, North Kolkata has limited mall infrastructure. Located in Nagerbazar, Diamond Plaza serves a large and densely populated catchment spanning Dum Dum, Lake Town, Bangur Avenue and Kalindi, giving it a strong position with relatively low direct competition. The acquisition was cleared by the board of Nexus Select Mall Management Pvt Ltd, which manages the trust. The mall has a gross leasable area of around 2.4 lakh square feet.
To complete the transaction, a special purpose vehicle—Nexusmalls Whitefield Pvt Ltd—has been set up to acquire Super Diamond Enterprises, the entity that owns the mall, following the restructuring and separation of its unrelated businesses.