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Nexus Select Trust

Nexus Select Trust

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Strengths & Risks
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About the Nexus Select Trust

- Nexus Select Trust is a Sebi-registered real estate investment trust (acquirer REIT) and is backed by global investment firm Blackstone

- Trust has 100 per cent shareholding of 15 entities and indirect acquisition of 100 per cent shareholding of two entities acting through acquirer REIT's manager -- Select Infrastructure Pvt Ltd and Nexus South Mall Management Pvt Ltd

- These urban consumption centres are spread across cities such as Bengaluru, Chennai, Delhi, Hyderabad, Navi Mumbai, Pune etc.

Strengths

Large and diversified asset portfolio with reputed tenant profile

The assets are situated in prominent micro-markets of the respective cities, thereby enhancing its marketability and also has established operating track record. The reputed tenant profile is reputed and consists of groups like Reliance Retail, Landmark Group, PVR, Tata & Trent, Cinepolis etc. The NOI contribution from top 3 urban consumption centres was 44% and contribution from other assets was 14%. The portfolio is likely to benefit from operational and financial synergies due to the large retail portfolio.

Track record of sponsor and manager

The Trust’s portfolio is majority owned by the Blackstone Group through its affiliates. Blackstone is one of the India’s leading landlord for office, retail urban consumption centres and warehousing assets. The Trust is to be managed by Nexus Select Mall Management Private Limited, which is currently 100% owned by Blackstone. The established track record of the sponsor group in the real estate sector and the diversified portfolio in retail real estate business in India provide comfort. The portfolio is likely to benefit from the experienced management team and strong parentage.

Risks

Exposure to refinance risk

A part of the debt at the consolidated level after Trust formation is expected to be in the form of NCDs or loans with bullet principal repayments at different maturities exposing the company to refinancing risk. The risk is likely to be mitigated to an extent with the tranching of the issuances with well-spread-out maturities and the financial flexibility of Trust due to low leverage.

Vulnerability to external factors including outbreak of pandemic

The Trust’s portfolio is exposed to the risks from the cyclicality in the sector and vulnerability to external factors such as the Covid-19 pandemic which could impact the cash flows of the Trust. The recovery of the urban consumption centres’ operations to pre-pandemic level on the back of improved demand, after the outbreak of the pandemic, which disrupted the urban consumption centres’ operations in FY2021 and FY2022, mitigates the risk to an extent.

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Select IPO

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