Nexus Select Trust to Acquire Diamond Plaza Mall in Kolkata for ₹347.5 Crore

Main Article
Thu, Apr 09, 02:00 AM IST

Kolkata’s retail real estate sector continues to gain momentum, with Nexus Select Trust announcing the acquisition of Diamond Plaza mall for ₹347.5 crore. The move marks a strategic expansion into Eastern India and reinforces growing institutional confidence in the city’s commercial landscape.

 

Key Details of the Acquisition
 

The board of directors of Nexus Select Mall Management, the manager to Nexus Select Trust, has approved the execution of share purchase agreements and related transaction documents for the deal.


The acquisition will be carried out through the purchase of the mall’s owning entity, Super Diamond Enterprises, following the restructuring and separation of its unrelated businesses. The transaction will be executed via Nexus’ special purpose vehicle (SPV), Nexusmalls Whitefield Private Limited, subject to customary closing conditions.
 

Diamond Plaza, located in a prime catchment area of Kolkata, has approximately 2.44 lakh square feet of gross leasable area, making it a well-established retail destination in the city.
 

Financial Performance and Growth Potential
 

According to Nexus’ management estimates:
 

  • FY25 revenue from operations is projected at ₹40.1 crore, compared to ₹37 crore in FY24
  • The mall has demonstrated steady growth, indicating strong underlying consumption demand
     

Nexus highlighted that the acquisition presents a significant upside opportunity, driven by improved asset utilisation, enhanced tenant mix, and operational efficiencies.
 

Strategic Importance for Nexus Select Trust
 

As India’s only listed retail REIT, Nexus Select Trust currently owns 19 retail assets spanning 10.7 million square feet across 15 cities. The portfolio has maintained a strong occupancy level of around 97% as of December 2025.
 

The REIT has outlined ambitious growth plans, aiming to double its portfolio by 2030, with a clear focus on high-potential consumption markets like Kolkata.
 

In terms of financial outlook:
 

  • Tenant sales reached ₹10,800 crore in the first nine months of FY26
  • The REIT has guided 10% growth in distribution for FY26
  • Net Operating Income (NOI) is expected to grow 15%, after reaching ₹1,711 crore in FY25
     

What This Means for Kolkata
 

This acquisition is more than just a transaction, it signals a broader shift in how institutional investors view Kolkata’s retail ecosystem.
 

Key takeaways:
 

  • Rising investor confidence in the city’s consumption-driven growth
  • Increasing demand for organised retail spaces
  • Scope for value creation through modernisation and repositioning of existing assets
     

With established malls like Diamond Plaza attracting steady footfall, strategic investments by large players such as Nexus could further accelerate the evolution of Kolkata’s retail landscape.
 

As India’s retail sector continues to expand, Kolkata is steadily emerging as a key market — and deals like this underline its growing importance in the national real estate narrative.