Nexus Select Trust to raise Rs 550 crore via non-convertible debentures

Nexus Select Trust, India’s only retail real estate investment trust (Reit), has approved a plan to raise up to Rs 550 crore through the issuance of listed, rated, redeemable, non-convertible debentures (NCDs).

 

The approved amount may be raised in one or more transactions, series, or tranches by issuing the NCDs to eligible investors as may be approved from time to time (Series-III NCDs), it said in a statement to exchanges on Thursday after board approval for the same.

 

Of the total funds raised, the Reit aims to spend up to Rs 480 crore for the acquisition of any assets or investments, including but not limited to the acquisition in any special purpose vehicle (SPV), by way of providing loans, subscribing to shares or any other securities issued by that SPV, or refinancing any present or future financial indebtedness, refurbishment expenses, or working capital requirements of assets acquired.

 

The Reit may use up to Rs 100 crore for extending money to one or more SPVs, including by way of shareholder debt, equity infusions, or subscribing to any other securities issued by that SPV, where the proceeds will be utilised for the repayment of its existing financial indebtedness, refurbishment expenses, or working capital requirements.

 

Further, the Reit may use up to Rs 5 crore for other general corporate purposes.

 

Besides, Nexus’ retail portfolio spans an area of 10.4 million square feet (msf) with an occupancy of 97.6 per cent. The Reit’s tenant sales in the first nine months of financial year 2025 (9M FY25) stood at Rs 9,500 crore.