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2mo ago

Nexus Select Trust to Buy 50% of Runwal's Dombivli Mall in First Under-Construction JV

The tie-up advances Nexus’s expansion by pairing Runwal’s development role with Nexus’s leasing control through a special purpose vehicle.

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Overview

  • Nexus Select Trust agreed to acquire a 50% stake in the upcoming Nexus Runwal Gardens Mall for ₹434 crore, according to a regulatory filing.
  • The transaction marks Nexus’s first strategic partnership for an under-construction retail asset since listing.
  • The project will be executed via an SPV, with Runwal Enterprises overseeing development and construction while Nexus leads leasing and asset management.
  • The Grade-A mall is planned at ~7.3 lakh sq ft of GLA at the gateway to the 250-acre Runwal Garden City township, which plans ~30,000 homes with nearly 5,000 families already residing.
  • Partners indicate a total project investment of over ₹900 crore, and the site benefits from proximity to the upcoming Manpada metro, the Airoli–Katai tunnel, a proposed bullet train station, and the Virar–Alibaug multimodal corridor.