Nexus Select Trust acquires Bengaluru’s Vega City Mall, to rename ‘Nexus Vega City’

Mall operator Nexus Select Trust has acquired Bengaluru’s Vega City Mall and plans to rename the shopping centre ‘Nexus Vega City.’ Nexus Select Trust has closed the acquisition of the mall for an enterprise value of Rs 913 crore.

“We are delighted to announce our first acquisition since we went public in 2023,” announced Nexus Select Trust on Facebook. “Vega City Mall in Bangalore is now a part our portfolio and will be known as Nexus Vega City. With this acquisition, we have become the largest retail platform in the city of Bangalore by [a] number of malls. Our retail portfolio now stands at 18 malls across 14 cities and over 10.4 Million square feet of ‘Grade A Retail’ space in India.”

The acquisition deal includes a purchase consideration of Rs 869.75 crore as well as a balance towards planned capex which includes closing costs and renewables, the Press Trust of India reported, citing a regulatory filing made on Thursday. Following the deal, Nexus Select Trust now counts four assets in the Bengaluru metro area. 

Nexus Select Trust has become the first publicly listed retail Real Estate Investment Trust in India. The business counts 18 shopping malls across 14 Indian cities, according to its website. Vega City Mall, soon to become Nexus Vega City, houses a range of Indian and international fashion and lifestyle brands including Adidas, American Eagle, Hush Puppies, Lifestyle, Azorte, H&M, Giva, MAC Cosmetics, and Levi’s among others.