Nexus Select Trust in Talks to Acquire Diamond Plaza Mall Kolkata for ₹600 Crore

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Mon, Sep 22, 12:16 AM IST

Kolkata’s retail scene is buzzing again! After sealing a massive ₹3,250 crore deal for South City Mall earlier this year, Blackstone-backed Nexus Select Trust is now in advanced talks to acquire Diamond Plaza Mall in North Kolkata for about ₹500–600 crore.

 

If this goes through, it will be Nexus’s first footprint in the city, adding to its strong portfolio of 19 malls across India.

 

Why it matters

 

India’s appetite for quality mall spaces is growing fast. A recent ANAROCK report shows that in 2024, retailers leased 6.5 million sq. ft. of mall space while only 1.1 million sq. ft. of new supply came in. This shortage has pushed rents up and reduced vacancies — top malls today are almost full!

 

For Kolkata, that means well-known global and national brands are keen to enter, but they need world-class operators to give them the right platform.

 

About Diamond Plaza

 

Opened in 2012, Diamond Plaza is a familiar neighbourhood mall in North Kolkata. It houses brands like Pantaloons, Trends, Max, Reliance Digital, W, and Manyavar. With Nexus at the helm, we could see upgrades in design, tenant mix, and customer experience, turning it into a stronger retail destination.

 

What’s Next for Kolkata?

 

More premium mall operators coming in means:

  • Bigger global brands setting shop
  • Better experiences for shoppers - food, entertainment, ambience
  • A retail landscape that feels more international while keeping Kolkata’s local charm

 

The Bigger Picture

 

Experts estimate over 16.6 million sq. ft. of new Grade A mall space will be built across India’s top cities in 2025–26. With demand at an all-time high, Kolkata is poised to benefit and this potential Nexus–Diamond Plaza deal is proof that the city is firmly on the radar of global real estate players.

 

Kolkata’s malls aren’t just shopping spaces anymore, they’re evolving into lifestyle hubs. If Nexus steps in, Diamond Plaza might just be the next big chapter in that story.

 

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