Nexus Select Trust will acquire a 100% stake in the upcoming Galaxy Complex in Beharbari, Guwahati, for ₹1,600 crore. The project will feature Nexus Galaxy Mall, a 0.5 million sq ft Grade-A urban consumption centre, along with a 164-key Hyatt Regency hotel.
The seller will develop both assets according to specifications mutually agreed with Nexus Select Trust. Following construction completion and receipt of the required approvals, Nexus Select Trust will take over the operational responsibility for the project.
Meanwhile, the trust plans to fund the acquisition through a combination of debt and equity. It expects to raise approximately 40% of the required funds through debt, while it will finance the remaining amount through a fresh issuance of units and a unit swap.
The transaction implies an acquisition cap rate of 8.25%-8.50% for the mall. Additionally, the hotel component carries an implied EBITDA multiple of 11.5-12.5 times.
Nexus Select Trust expects the transaction to increase both its net asset value and distribution per unit upon acquisition. Furthermore, the trust expects its loan-to-value ratio to remain below 20% after the transaction, leaving approximately $1 billion in pro forma debt headroom for future inorganic growth opportunities.
Dalip Sehgal, executive director and CEO of the real estate company, said, “This acquisition translates our stated ambition for East and Northeast India into action. It marks our strategic entry into Northeast India, our second under-construction development transaction since listing and the first step towards building a scaled presence across one of the country’s most promising consumption corridors.”
The acquisition also supports Nexus Select Trust’s broader expansion strategy across eastern India. Currently, its East India pipeline includes six Grade-A retail assets spanning approximately 3.6 million square feet across four cities.
Going forward, the trust aims to build an East India portfolio capable of generating more than ₹600 crore in net operating income. As a result, the portfolio could contribute over 25% of the existing portfolio’s NOI and strengthen Nexus Select Trust’s presence across the region.
