India’s only listed retail REIT, Nexus Select Trust, has approved the acquisition of Diamond Plaza Mall in Nagerbazar, North Kolkata, for Rs 347.5 crore.
The acquisition will be carried out through its SPV, Nexusmalls Whitefield Private Limited, via a share purchase agreement with Super Diamond Enterprises, post restructuring and separation of unrelated businesses.
The asset at a glance:
- 244,000 sq ft gross leasable area
- Fully leased, with rentals at approximately Rs 124 per sq ft per month
- FY25 revenue: Rs 40.1 crore (up from Rs 37 crore in FY24)
- Deal expected to close within four months
Why this matters:
Nexus currently holds 19 assets spanning 10.7 million sq ft across 15 cities, with portfolio occupancy at approximately 97% as of December 2025. Diamond Plaza marks its second Kolkata acquisition, following Blackstone’s purchase of South City Mall last year, signalling a clear strategic push into Eastern India.
Industry consultants note that organised retail penetration per capita in eastern markets remains low, while leasing demand for mall space hit 6.5 million sq ft in 2024 against fresh supply of just 1.1 million sq ft, pushing rents higher. The timing of this acquisition reflects that thesis.
Nexus has guided its portfolio to double by 2030. Eastern India, long underserved by Grade-A retail infrastructure, appears central to getting there.
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