If you live in a big city like Mumbai, Bengaluru, Chennai, New Delhi, or Hyderabad, you are likely to have been to a Nexus Mall. You may be a regular visitor to a Nexus Mall as a customer. But, did you know you can be an investor in the Nexus Select Trust REIT, and participate in India’s retail consumption growth story and benefit from it? In this article, we will understand what the Nexus Select Trust REIT is, its growth, its share performance, and whether you should invest in it.
What is the Nexus Select Trust REIT?
The Nexus Select Trust is India’s first publicly listed retail real estate investment trust (REIT). It has a portfolio of 19 malls spread across 15 cities. The list of malls includes:
- West Region: Nexus Ahmedabad One, Treasure Island (Indore), Nexus Indore Central, Nexus Seawoods (Navi Mumbai), Nexus Westend Complex (Pune)
- East Region: East Region Nexus Esplanade (Bhubaneshwar)
- South Region: Nexus Whitefield (Bengaluru), Nexus Koramangala (Bengaluru), Nexus Shantiniketan (Bengaluru), Fiza by Nexus (Mangaluru), Nexus Vijaya Complex (Chennai), Nexus Hyderabad, Nexus Vega City (Bengaluru), Nexus Centre City (Mysuru)
- North Region: Nexus Amritsar, Nexus Select CityWalk (New Delhi), MBD Complex (Ludhiana), Nexus Elante Complex (Chandigarh), Nexus Celebration (Udaipur)
The malls have a gross leasable area of 10.6 million square feet. Apart from the malls mentioned above, the REIT also operates the Hyatt Regency Hotel in Chandigarh and Westend Offices (commercial office space) in Pune. Nexus Select Trust began operations in 2015 with 2 malls: Nexus Ahmedabad One and Nexus Amritsar. Over the years, it has grown its portfolio with the acquisition of various malls.
Nexus Select Trust’s business model involves the plug-and-play approach:
- Acquire the asset (mall)
- Upgrade it through strategic capex
- Reposition it by premiumising the brand offering
- Focus on innovative activations and marketing outreach
- Optimise cost by implementing best practices
- Increase rental yield and improve overall profitability
Financial performance
In February, Nexus Select Trust reported its FY 2026 third-quarter financial results, with 15% year-on-year growth in its Net Operating Income (NOI) at Rs. 4.5 billion (Rs. 3.9 billion in Q3 FY 2025). Nexus Select Trust has a strong leased occupancy with 97% space in the malls leased out to tenants. It acquired two malls in 2025 (Nexus Vega City and Nexus MBD Neopolis) that are performing well.
To continue growing its portfolio, Nexus Select Trust continues to evaluate various malls for acquisition. It has a robust pipeline of more than 10 assets across 8 states for potential acquisitions.
Share price performance
Nexus Select Trust REIT got listed on the stock exchanges (BSE and NSE) on 19th May 2023. The shares were offered with an issue price of Rs. 100 per unit. As of 9th February 2026, the share price closed at Rs. 160. Thus, it has delivered an absolute return of 60% to its shareholders since its listing.
Distributions
As per SEBI Regulations, REITs must distribute at least 90% of their Net Distributable Cash Flows (NDCF) as distributions to their shareholders. Some investors refer to the distributions as dividends. With its FY 2026 Q3 financial results, Nexus Select Trust declared a distribution of Rs. 3,586 million (Rs. 2.367 per unit), its highest quarterly distribution since listing. In the current quarter, it distributed 100% of its NDCF as distribution to shareholders.
At the start of the financial year 2025 – 26, Nexus Select Trust guided for a distribution per unit (DPU) of Rs. 9.10–Rs. 9.20, a 10% year-on-year growth. So far in FY 2025 – 26, it has made distributions of Rs. 6.80 per unit and has said it is on track to meet the annual guidance.
| Financial Year | Distribution per unit (DPU) |
| FY 2024 | Rs. 7.07 |
| FY 2025 | Rs. 8.356 |
| FY 2026 (9 months) | Rs. 6.795 |
| Total distribution | Rs. 22.221 |
If we add the Rs. 22.22 DPU to the share price gain of Rs. 60, the total return comes to 82%.
Nexus Select Trust’s Vision 2030
During its ‘Capital Markets Day’ in May 2025, Nexus Select Trust outlined its Vision 2030 plan to double the mall portfolio by 2030 by expanding the number of malls to 30-35. The expanded malls portfolio will double the existing Net Operating Income (NOI). It is enhancing category depth in jewellery, beauty, food & beverage, and experiential retail.
As of February 2026, Nexus Select Trust has a robust pipeline of 11 assets (malls) for inorganic growth through potential acquisitions. Four retail assets covering 2 million square feet area are currently under due diligence.
Should you invest in Nexus Select Trust shares?
Before considering investing in Nexus Select Trust REIT or any other REIT, you should be aware of specific SEBI guidelines. As per these guidelines, a REIT must:
- Invest a minimum of 80% of its funds in completed, income-generating assets. It leads to predictable and stable cash flows.
- Distribute a minimum of 90% of net distributable cash flows (NDCF) semi-annually.
Nexus Select Trust REIT has been following the above SEBI guidelines. They have been making quarterly distributions to shareholders. Over the last 10 quarters (as of February 2026), it has maintained a 100% NDCF payout ratio to its shareholders.
Nexus Select Trust has low leverage with an 18% Loan-to-Value (LTV) and a strong AAA/Stable credit rating. It has close to USD 1 billion of debt headroom, making it well-positioned to execute the next phase of its inorganic growth strategy.
As of September 2025, the net asset value (NAV) is Rs. 159 per unit. The current share price is Rs. 160 per unit. So, the share price is trading near the NAV per unit. The management has said they are on track to meet the FY 2025-26 DPU guidance of Rs. 9.10–Rs. 9.20 per unit. At a share price of Rs. 160, the dividend yield works comes to 5.7%.
As mentioned earlier, Nexus Select Trust has outlined Vision 2030 of doubling the number of malls and Net Operating Income (NOI). If it is able to achieve it in a sustainable and profitable manner, the potential increase in DPU and the potential increase in share price will benefit shareholders.
Should you invest? Consult a professional financial advisor who will consider your risk profile and other factors, and accordingly recommend whether you should invest. You must follow asset allocation and build a diversified investment portfolio.
