Blackstone-Backed Nexus Select Trust Eyes Mall Takeovers in Kolkata & Siliguri

Bengal’s retail real estate sector is gaining strong momentum as Nexus Select Trust, backed by global investment major Blackstone, looks to strengthen its presence in Eastern India.

According to market sources, Nexus Select Trust is currently in takeover discussions with two prominent retail destinations in the state - Diamond Plaza in Dum Dum, Kolkata, and Vega Circle Mall in Siliguri. If these deals are finalized, they could significantly boost organized retail infrastructure across both metropolitan and emerging urban markets in the region.

This move follows the recent acquisition of South City Mall, the largest mall in Eastern India, by Blackstone in a transaction valued at ₹3,250 crore. As part of its expansion strategy, the company has committed ₹20 crore towards refurbishment and an additional ₹8 crore towards marketing initiatives over the next two years.

Industry experts believe these strategic investments reflect growing global confidence in Bengal’s consumption-driven economic growth. With faster urbanization, improving infrastructure, and a rapidly expanding middle-class consumer base, cities like Kolkata and Siliguri are increasingly emerging as attractive destinations for retail and commercial investments.

As global institutional investors deepen their presence in the region, West Bengal continues to position itself as a promising hub for large-scale commercial and retail development.