Nexus Select Trust Acquires Major Guwahati Assets
Nexus Select Trust, India's first publicly listed retail real estate investment trust (REIT), has finalised the acquisition of 100% of the share capital of Galaxy Infra Creations Private Limited. The transaction, valued at approximately ₹1,600 crore, encompasses a Grade-A retail mall and a hotel in Guwahati, marking a strategic expansion for Nexus Select Trust into Northeast India.
Galaxy Infra Creations Private Limited, the target entity, is the owner, developer, and operator of two key properties in Guwahati. These assets include 'Galaxy Mall', a 5.16 lakh sq. ft. Grade-A retail facility, and the Hyatt Regency Hotel, a 164-key hospitality establishment. The acquisition was completed from Galaxy Infra Creations' existing shareholders, including Deepak Kayal and Manoj Kayal, among others.
Strategic Entry into Northeast India
This acquisition represents a pivotal move for Nexus Select Trust, which is recognised as India's largest owner of Grade-A urban consumption centres. The company stated that the transaction signifies its strategic entry into the Northeast Indian market. Furthermore, it is Nexus Select Trust's first under-construction development deal in the region and its second such transaction since its public listing.
Legal Advisory for Nexus Select Trust by Khaitan & Co
Khaitan & Co provided comprehensive legal counsel to Nexus Select Trust throughout the acquisition process. The core team from Khaitan & Co was led by Partners Shourya Sengupta, Deepak Jodhani, and Gaurav Dasgupta. They were supported by Counsel Sneh Lata, Principal Associates Divyansh Joshi, Vibhav Seth, and Shreetama Chakraborty, and Senior Associates Susom Chattopadhyay and Richaa Mukhopadhyay.
The firm's advisory extended across various critical aspects of the transaction. For due diligence, Associates Prachi Chowdhary and Ishika Sinha provided assistance. Partners Aayush Mohata and Aparna Bagree handled the REIT-specific considerations of the deal. The debt financing aspects were managed by Partner Rahul Chakraborti and Counsel Riya Agicha. Employment-related matters were addressed by Partner Deepak Kumar and Senior Associate Varsha Sankara Raman. Additionally, Partner Vinay Joy and Associate Shaaryl Dsouza conducted the ABAC (Anti-Bribery and Anti-Corruption) diligence. Strategic inputs were provided by Managing Partner Haigreve Khaitan, with execution assistance from Associate Unnati Khanna.
Antares Legal Advises Galaxy Infra Creations
Antares Legal represented Galaxy Infra Creations Private Limited and its shareholders in this significant divestment. The legal team from Antares Legal was spearheaded by Partners Arjun Anand and Vivek Jha. They received support from Senior Associate Akash Arya and Associate Himanshu Verma, who contributed to the successful completion of the transaction.
The successful conclusion of this ₹1,600 crore acquisition underscores the dynamic nature of India's retail real estate and hospitality sectors, with Nexus Select Trust solidifying its position as a leading player through strategic regional expansion.