Blackstone-backed Nexus Select likely to launch retail REIT IPO in May

Global investment firm Blackstone-sponsored Nexus Select Trust is likely to launch India's first retail REIT public offer in early May to raise up to Rs 4,000 crore.

In November last year, Nexus Select Trust filed the draft red herring prospectus (DRHP) with market regulator Sebi to launch its retail REIT (Real Estate Investment Trust).

Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering a 9.8 million square feet area valued at around Rs 23,000 crore.

According to sources, the Nexus Select Trust is likely to hit the capital market in early May with its REIT IPO. It is expecting to get the Sebi nod soon.

The size of the IPO of Nexus Select Trust REIT will be around Rs 4,000 crore, of which Rs 1,600 crore would be a primary offering of shares.

This will be the third REIT sponsored by Blackstone.

It launched India's first REIT Embassy Office Parks and then Mindspace Business Parks REIT.

REIT, a popular instrument globally, was introd