Nexus Select Trust, Blackstone backed and India’s maiden REIT – Real Estate Investment Trust has joined hands with Mumbai city’s leading real estate developer Runwal Group to construct and operate jointly a shopping centre at Dombivali, Thane District in Mumbai.
Spread over 730,000 sq ft, the Grade A mall will be the first partnership in an under-construction retail project since its listing on Indian stock exchange bourses.
Dalip Sehgal, Executive Director &CEO, Nexus Select Trust said, “Since listing, Nexus has largely focused on completed, income-generating assets, but the Dombivli project marks a shift towards development amid an aggressive inorganic expansion.
With this tie-up, we are extending the strategy into a structurally de-risked opportunity, backed by a strong township ecosystem, connectivity and a rapidly expanding catchment.”
Subodh Runwal, CMD, Runwal Enterprises said, “This strategic tie-up reflects our long-term commitment to creating integrated, future-ready communities anchored by strong retail infrastructure.
We are looking forward to a long-term partnership with Nexus Select Trust, a Blackstone sponsored REIT, to develop world-class projects in India.”
The new shopping centre will be located within the Runwal Garden City township, spread over 250 acres in Dombivali.
Editor’s Note
First it was Apple Borivali, now the Nexus mall at Dombivali.
Suburban Mumbai, which witnessed early settlements of migrant workers from Southern India mostly during the 1980s ad 1990s is now the favourite for mall operators, retailers and brands.
Once upon a time, the now defunct Big Bazaar at downtown Thane was the cynosure of eyes, even as footfalls swelled during Wednesdays and weekends at the Kishore Biyani owned hypermarket grocery chain.
Great growth story for Brihan Mumbai, must admit.
From being a tony suburban area where the majority of residents depended solely on the Mumbai “local” trains to commute to the city, to now having large shopping centres, the Maharashtra growth story has been no less incredible to say the least.
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