Kolkata: Nexus Select Trust, India’s first publicly listed retail real estate investment trust (REIT), is reportedly in advanced negotiations to purchase Diamond Plaza, a neighbourhood shopping centre in North Kolkata, for an estimated Rs 500 to Rs 600 crore, according to sources familiar
with the matter. Diamond Plaza, which opened in 2012, houses brands such as Pantaloons, Max, Reliance Digital, W, Manyavar and Trends. If the deal materialises, it will mark Nexus Select Trust’s first physical presence in Kolkata, where it has so far stayed away from the retail realty space.
Backed by Blackstone, the REIT currently operates 19 malls across major cities, including Bengaluru, Delhi, Hyderabad, Pune, Navi Mumbai, Ludhiana and Bhubaneswar. Its properties host over 1,000 domestic and international brands like Zara, H&M, Apple, Starbucks and Cinepolis, spread across more than 3,000 stores.
“Discussions are ongoing for a potential buyout of malls in Kolkata as well as smaller cities such as Ranchi and Jamshedpur,” said a person aware of the talks, requesting anonymity. Nexus, however, declined to comment on “market speculation”.
Industry consultants say the move reflects the company’s bet on eastern markets, where organised retail penetration per capita is still low. According to Anarock Research, leasing demand for mall space in 2024 hit 6.5 million sq. ft against a fresh supply of just 1.1 million sq. ft, pushing rents higher. More than 16 million sqft of new grade-A mall space is projected to be added across the top seven cities by 2026. Nexus Select Trust reported revenues of Rs 2,282.9 crore from operations in FY25, a 19 per cent jump from the previous year, with 97.2 per cent occupancy across its portfolio.
Its acquisition pipeline remains active, with recent buys including the MBD Neopolis mall in Ludhiana for Rs 490 crore and Bengaluru’s Vega City mall for Rs 913 crore.
If concluded, the Diamond Plaza deal would consolidate the REIT’s east India footprint while catering to Kolkata’s growing appetite for
branded retail.