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Nexus Select Trust, India’s leading real estate investment trust (REIT) specializing in large-scale consumption centres, has completed a major strategic expansion at the Nexus Elante Complex in Chandigarh. Spread across 1.3 million sq. ft., Nexus Elante remains one of North India’s most prominent Grade-A urban retail hubs, catering to shoppers from Jammu & Kashmir, Himachal Pradesh, and Punjab.
As part of the latest development, the Trust has acquired 60,000 sq. ft. of prime vacant retail space on the Ground and First floors. Integrated directly into the existing structure, this addition will activate high-street frontage, optimize an underutilized courtyard zone, and capitalize on strong retailer demand. The expansion is expected to further enhance Nexus Elante’s visibility, improve customer circulation, and strengthen its overall retail positioning.
The asset’s past performance underlines the upside potential. Over the last seven years, trading density and rental CAGR on the Ground and First floors have risen 9% and 7%, respectively. Rentals for comparable stores currently stand at ~₹310 per sq. ft. per month, reflecting robust retailer interest and sustainable growth dynamics.
Historically, these key retail floors have operated near full occupancy, anchored by leading global and premium brands such as Uniqlo, Zara, Onitsuka Tiger and Armani Exchange. With more than 30 brands already on the waitlist, the new retail area creates room for categories like luxury fashion, premium dining and high-end electronics, reinforcing the mall’s status as the region’s premier retail destination. In a market where large-format premium malls remain limited, the expansion further consolidates Nexus Elante’s leadership in the Chandigarh Tricity.
The transaction has been completed at a total enterprise value of ₹253.7 crore, including a purchase price of ₹230.7 crore — approximately an 8% discount to the independent valuation — with the balance covering stamp duty, closing costs and planned capex. The acquisition has been funded through a ₹202 crore commercial paper issuance at a 6.2% coupon, supplemented by existing cash reserves.
Post-expansion, Nexus Select Trust’s Loan-to-Value (LTV) ratio remains healthy at ~18%, maintaining a strong balance sheet with nearly $1 billion in debt headroom to support future growth opportunities.
This article was originally published by the Franchiseindia.com. To read the full version, visit here 
