Nexus Select Trust Acquires 50% Stake in Runwal Enterprises' Dombivli Mall for ₹434 Crore
Nexus Select Trust Enters Under-Construction Partnership with Runwal Enterprises
Nexus Select Trust, a REIT sponsored by Blackstone, has entered into a tie-up to acquire a 50 per cent stake in the upcoming Nexus Runwal Gardens Mall in Dombivli, part of the Mumbai Metropolitan Region (MMR), to be operated in partnership with Runwal Enterprises. The purchase consideration is ₹434 crore with an overall enterprise value of ₹892 crore, including estimated closing costs.
The acquisition represents the REIT's first under-construction development partnership since its public listing, signaling a shift in Nexus Select Trust's portfolio expansion strategy beyond stabilized assets.
Asset Scale and Location
The proposed mall will span 7.4 lakh sq ft of gross leasing area. The asset will be located at the gateway of the 250-acre Runwal Garden City township, which will house approximately 30,000 residential units with nearly 5,000 families already residing within the development.
The location sits within a region undergoing rapid infrastructure development. Mumbai Metro Line 12, also known as the Kalyan-Dombivli-Taloja Line, is a crucial infrastructure project aimed at improving connectivity in the Mumbai Metropolitan Region (MMR). The 22.12-km long Mumbai Metro Line 12 will be completed in 2027, bringing direct transit connectivity to the corridor.
Transaction Structure and Financing
Nexus Select Trust will acquire 50 per cent equity shareholding in the Garden City Malls Pvt Ltd, a wholly owned subsidiary of M/s. Runwal Residency Pvt Ltd. The development will be undertaken through a special purpose vehicle, combining Runwal's development expertise with Nexus Select Trust's retail experience and asset management capabilities.
To support the acquisition and operations, the Board approved INR 115 crores NCD subscription and up to INR 400 crores term loan from Bajaj Housing Finance Limited.
The transaction includes provisions for future expansion, with Nexus holding a call option to acquire the remaining 50% stake at fair market value after 36 months of acquisition. This structure allows the REIT to acquire full ownership if market conditions warrant.
Runwal Enterprises' Track Record
Runwal Enterprises has delivered 15 projects spanning 11.14 million sq ft and is currently executing 25 projects totalling 17.39 million sq ft, with 32 additional developments in its pipeline. The developer's presence in Dombivli extends across residential, retail, and commercial segments, positioning the mall within an integrated township ecosystem.
Nexus Select Trust's Retail Portfolio
The REIT currently owns 19 malls with a gross leasable area of 10.7 million sq ft across 15 cities, along with 3 hotel assets comprising 450 keys and 3 office assets totalling 1.3 million sq ft of gross leasable area. This acquisition expands the REIT's retail footprint within the high-growth MMR corridor and represents a strategic deepening of commitment to eastern Mumbai's commercial infrastructure.
The Board meeting was held on February 23, 2026, with all approvals granted for the transaction.