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ICICI Direct's IPO Report
Nexus Select Trust is India's largest retail (malls) platform of 17 high-quality assets, strategically located in dense residential catchments across 14 prominent cities and is ~96% leased.
Portfolio comprises 17 Grade A urban consumption centres (malls) with a total leasable area of 9.2 million square feet, two complementary hotel assets (354 keys) and three office assets (1.3 msf) as of December 31, 2022.
Key Competitive Strength:
Renowned sponsor (Blackstone Real estate fund with global real estate assets under management of $326 billion spread across 1,475 msf of leasable area with global expertise and local knowledge (15 years operating experience in India).
Highly occupied by a diversified tenant base of renowned national and international brands.
Well-positioned for strong organic growth through a combination of contractual rent escalations, increased tenant sales leading to higher turnover rentals, re-leasing at higher market rents and lease-up of vacant area.
Strategically located in prime in-fill locations with high barriers to entry.
Key risk and concerns:
A decline in footfalls in its urban consumption centres has in the past, and may in the future, adversely affect its revenues.
A significant portion of the company's revenues are derived from a limited number of large tenants. Any conditions that impact these tenants, properties or markets may adversely affect its business.
The trust may utilise a significant amount of debt in the operation of its business and its cash flows and operating results could be adversely affected by required repayments or related interest and other risks of its debt financing.
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