Nexus Select Trust, Runwal Enterprises Join Hands to Create New Consumption Hub in Mumbai Region

Mumbai, February 24, 2026: Nexus Select Trust, India’s first listed retail REIT, backed by Blackstone and the country’s largest owner of Grade-A urban consumption centres, has announced its first-ever strategic tie-up for an under-construction development, marking a strategic inflection point in its growth journey.

The REIT has agreed to acquire a 50 per cent stake in the upcoming Nexus Runwal Gardens Mall in Dombivli, part of the Mumbai Metropolitan Region (MMR), to be operated in partnership with Runwal Enterprises. The proposed mall will span ~7.3 lakh square feet GLA and is located at the gateway of the 250-acre Runwal Garden City township.

This transaction marks Nexus Select Trust’s first under-construction partnership since listing and signifies a strategic evolution of its platform from a decade of disciplined portfolio expansion, scaling from two malls to 19 best-in-class assets across India to a structurally de-risked development opportunity, underscoring its long-term commitment to India’s rapidly growing consumption story.

The development will be undertaken through a special purpose vehicle, with Runwal’s development expertise and deep insights arising from Nexus Select Trust’s retail experience and asset management strength.

Strategic Significance

The proposed mall is located at the entry of Runwal Garden City township, which will house approximately 30,000 residential units, with nearly 5,000 families already residing within the development, creating an embedded consumption base.

The asset is strategically positioned within a rapidly transforming infrastructure corridor, supported by many upcoming Infrastructure projects like:

• Metro connectivity (Manpada station ~100m away)
• Airoli–Katai tunnel
• Mumbai–Ahmedabad bullet train station (within 2 km)
• Virar–Alibaug Multimodal Corridor

Dalip Sehgal, Executive Director and Chief Executive Officer, Nexus Select Trust, said, “This tie-up marks a defining moment in our journey as India’s first Retail REIT and the beginning of a new chapter, with this first under construction transaction since listing. Over the past decade, we have built the country’s largest portfolio of institutional-grade retail assets through disciplined acquisitions, operational excellence and a clear understanding of where India’s consumption growth is headed — scaling from two malls to 19 best-in-class assets across the country.

“With this tie-up, we are extending the strategy into a structurally de-risked this opportunity, backed by a strong township ecosystem, transformational connectivity and a rapidly expanding catchment. Importantly, the structure allows us to participate in long-term value creation while maintaining prudent capital discipline and full operational control.”

Subodh Runwal, Chairman and MD, Runwal Enterprises, said, “This strategic tie-up reflects our long-term commitment to creating integrated, future-ready communities anchored by strong retail infrastructure. The scale of Runwal Garden City, combined with transformational connectivity across metro, high-speed rail and multimodal corridors, positions this development to serve one of the fastest-growing consumption corridors in the region. We are looking forward for a long-term partnership with Nexus Select Trust, a Blackstone sponsored REIT, to develop world class projects in India.”