Nexus Select Trust has entered Northeast India with a Rs 1,600-crore deal to acquire the upcoming Galaxy Complex in Guwahati. The listed retail real estate investment trust will acquire 100 per cent of Galaxy Infra Creations Private Limited, which owns the under-construction project in Beharbari.
The project will bring a Grade-A Nexus Galaxy Mall covering about 5.16 lakh square feet and a 164-key Hyatt Regency hotel. The transaction marks Nexus Select Trust’s first under-construction development deal in the Northeast and its second such transaction since its listing.
Nexus Select Trust makes Guwahati entry
Nexus Select Trust’s board approved the acquisition at a purchase consideration of Rs 1,600 crore. Galaxy Infra Creations will continue developing the mall and hotel to specifications agreed with Nexus. The REIT will take operational responsibility after construction and the required approvals.
The company will pay the consideration upon completion, according to its transaction details. The proposed funding structure includes about 40 per cent debt, with the remaining amount coming through fresh unit issuance and a unit swap.
The structure also allows Nexus to enter the market without taking on the project’s development risk, according to company officials. The transaction, therefore, gives the REIT access to a new market while construction remains with the existing developer.
Why Nexus Select Trust chose Guwahati
Nexus Select Trust sees Guwahati as a gateway to the wider Northeast. The company said the city serves a regional population of more than 50 million and acts as a major commercial centre for the eight northeastern states.
The REIT also cited rising household incomes, urbanisation and growing demand for organised retail and premium brands. It said Guwahati remains significantly under-supplied in Grade-A retail space.
That supply gap forms a central part of Nexus’ expansion strategy. The company wants to use Guwahati as an entry point into other consumption markets across East and Northeast India.
Mall and hotel form one project
The Galaxy Complex combines retail and hospitality within one development. The Nexus Galaxy Mall will offer around 5.16 lakh square feet of retail space, while the Hyatt Regency will add 164 hotel rooms.
The combination gives Nexus exposure to both retail and hotel operations in Guwahati. However, neither asset has started operations yet. The developer must complete construction and secure the necessary approvals before Nexus takes over operations.
A recent market report said completion is expected around the fourth quarter of FY28, with rentals likely to begin from FY29.
Nexus expands its East India plans
The Guwahati deal follows Nexus Select Trust’s move into Kolkata. The company has also agreed to acquire Diamond Plaza in Kolkata for around Rs 347.5 crore.
Nexus now plans to build a wider East India portfolio covering markets such as Kolkata, Guwahati, Siliguri and Patna. Its stated pipeline includes six Grade-A retail assets with a combined area of about 3.6 million square feet across four key cities.
The company has set a longer-term target of generating more than Rs 600 crore in net operating income from its East India portfolio. It expects that portfolio to contribute more than 25 per cent of its existing portfolio’s net operating income.
Guwahati deal adds momentum to retail market
The Rs 1,600-crore acquisition has also drawn attention from the Assam government. Chief Minister Himanta Biswa Sarma welcomed the transaction and said it reflected Guwahati’s rising consumer demand and growth potential.
The deal comes as Guwahati continues to attract large retail and hospitality developments. Nexus said the city’s role as the Northeast’s commercial gateway and its limited Grade-A retail supply make it an important market for the company’s expansion.
For Nexus Select Trust, the acquisition establishes its first foothold in the Northeast while expanding its presence in eastern India. For Guwahati, it brings one of India’s listed retail REITs into a major under-construction mall and hotel project.
The immediate focus now shifts to construction and regulatory approvals. Once those stages are complete, Nexus will take operational control of the Galaxy Complex and begin its Northeast expansion from Guwahati.
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