Kolkata: Nexus Select Trust has acquired Diamond Plaza Mall in Nagerbazar, north Kolkata, for Rs 347.5 crore, strengthening its retail presence in eastern India and expanding its portfolio to 20 malls, excluding South City Mall held separately by its parent group.Nexus Select Trust is backed by Blackstone, the American investment firm with $1 trillion in assets under management. The acquisition marks the second mall purchase in Kolkata by a Blackstone-backed entity.Last June, Blackstone acquired South City Projects, including South City Mall, for Rs 3,250 crore from a consortium comprising Emami, Merlin Group, Sureka Group, Shrachi Group, Jugal Khetawat and JB Group.The Diamond Plaza transaction is strategically significant because it gives Nexus Select Trust a stronger foothold in Kolkata’s retail market. While south Kolkata has several organised retail destinations, Diamond Plaza is the only major mall in north Kolkata and serves a large catchment area that includes Dum Dum, Lake Town, Bangur Avenue and Kalindi. This positions the asset as a dominant retail destination in a densely populated urban cluster with limited direct mall competition.The board of Nexus Select Mall Management Pvt Ltd, which manages Nexus Select Trust, approved the execution of share purchase agreements for the acquisition. The mall has a gross leasable area of 2.4 lakh sq ft. A special purpose vehicle, Nexusmalls Whitefield Pvt Ltd, has been created to acquire Super Diamond Enterprises, the company that owns the mall, after restructuring and separation of unrelated businesses.From a portfolio perspective, the acquisition aligns with Nexus Select Trust’s strategy of scaling income-generating retail assets in high-density consumption markets. The addition of Diamond Plaza enhances geographic diversification within Kolkata and complements the broader eastern India retail platform being built by Blackstone-backed entities.The acquisition also indicates continued investor confidence in organised retail real estate despite evolving consumer behavior and competitive pressures from e-commerce. A well-located mall with an established catchment and limited competing supply can offer stable rental income, tenant demand and long-term asset appreciation potential.Market sources indicated that Nexus has also been in discussions regarding a possible takeover of City Centre Mall in Patna, suggesting that the trust may continue to pursue expansion opportunities in key urban retail markets beyond Kolkata.
