Cyril Amarchand Mangaldas has advised Nexus Select Trust (Nexus REIT) on forming a joint venture with Runwal Enterprises for the construction and development of a mall at Runwal Garden City in Dombivli, Kalyan. Wadia Ghandy & Co. acted as the Indian legal counsel to Runwal Residency.
The retail development has a gross leasable area (GLA) of approximately 7.3–7.4 lakh sq ft, classed as Grade‑A urban retail. Total project investment is estimated at over INR 900 crore.
Nexus Select Trust has paid an equity purchase consideration of INR 434 crore for the 50 percent stake; the transaction implies an enterprise value of about INR 892 crore for the asset, including closing‑related costs.
Bobby Parikh Associates acted as tax advisor to Runwal Residency Private Limited and Nexus Select Trust with Ernst & Young also being the tax advisor to Nexus Select Trust and Anarock acted as technical advisor to Nexus Select Trust.
CAM‘s transaction team was led by partners Kota Chandan and Krithika Chandrasekaran, with the assistance from principal associate George Kurian, senior associate Jayant Belgaumkar and associate Sushant Khalkho.
The real estate team was led by partner Jinal Mehta, with assistance from senior associates Yashvi Shah and Ankita Shah, undertook title due diligence of the land on which the mall asset is proposed to be constructed and provided structuring advice.
The financing team was led by partners Pranav Sharma and Hariharan Kumar, with assistance from senior associate Madhurima Singh, and associate Renuka Nevgi, drafted and negotiated the debt documents. Partner Pooranimaa Hariharan, with assistance from Consultant and Isiri SD, associate Tarun Reddy, assisted in drafting acquisition documents. Partner Janhavi Manohar, advised on the regulatory aspects of the transaction in relation to the REIT Regulations.
Corporate due diligence was handled by consultant Aditya Gore, and associates Kamiya Gupta, Akshata Bhat and Chiranth S.
Wadia Ghandy’s team was led by managing partner Dhawal Mehta and included deputy managing partner Denzil Arambhan, partners Apeksha Munot and Aayushi Mehta and associates Vedangi Tulzapurkar, Yash Sethna, Yashvi Jain and Pankti Shah.
