Nexus Select Trust buys Vega City Mall in Bengaluru for ₹870 crore

Vega City Mall is located on Bannerghatta Road in Bengaluru.
| Photo Credit: MURALI KUMAR K

Nexus Select Trust, a publicly listed retail Real Estate Investment Trust (REIT), has completed the acquisition of Vega City Mall in Bengaluru for ₹869.75 crore, as per a regulatory filing made by the company on February 13 on NSE.

With this acquisition, Nexus Select Trust would consolidate its presence in Bengaluru with four assets. The acquisition was completely debt funded through listed non-convertible debentures issued at a coupon rate of 7.70% in Q3 FY25. Post-acquisition LTV (loan to value ratio) would be 17%.

Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust, said, “This acquisition reaffirms the commitment to our business model and the promise we made at the time of listing to grow the portfolio through accretive acquisitions of high quality assets.’‘