Nexus Select Trust plans to deploy up to ₹2,000 crore towards acquisitions this year as it expands its retail real estate footprint in eastern and northeastern India, according to Chief Investor Relations Officer and Head of Strategy Pratik Dantara.
Expansion Strategy and Acquisition Timeline
The company's proposed acquisition of Kolkata's Diamond Plaza mall is expected to close within the next one-and-a-half to two months, pending the completion of legal and corporate restructuring processes, Dantara said. This acquisition forms part of Nexus Select's "string of pearls" strategy, wherein smaller assets are acquired alongside larger properties to generate operating synergies and improve scale within a market.
Beyond Kolkata, the REIT is actively evaluating opportunities across the Northeast and states adjoining West Bengal. Two additional acquisition deals are currently in advanced stages and could be completed over the next three to six months, Dantara stated.
Northeast Consumption Market Appeal
Dantara said the Northeast has emerged as an attractive consumption market, particularly for beauty and personal care products. Internal consumer studies indicate spending in categories such as skincare, cosmetics, and personal care is significantly higher than the national average, with consumers often travelling to larger cities to access premium brands. This trend suggests a growing demand for higher-end retail offerings in the region.
Portfolio Performance and Growth
The company is also seeing sustained consumption momentum across its portfolio. After reporting 19 per cent consumption growth in the March quarter, Nexus Select recorded high double-digit growth in both April and May, Dantara said. According to him, higher domestic spending, strong food court sales and resilient discretionary consumption have helped offset concerns around inflation and broader macroeconomic uncertainties.
"We were expecting the first quarter to be softer, but so far it has been a pleasant surprise," Dantara said.
Strategic Outlook
Nexus Select's expansion into eastern and northeastern India reflects a deliberate shift towards capturing growth in high-potential consumption markets. The combination of the Diamond Plaza acquisition, advanced-stage deals, and the "string of pearls" approach positions the REIT to leverage operating synergies and deepen its presence in cities like Kolkata and across the Northeast. For international beauty and personal care brands seeking distribution channels, the surge in regional spending on skincare and cosmetics signals an emerging retail corridor that may warrant closer attention to leasing opportunities in Nexus Select's expanding portfolio.
What to watch: The closure of the Diamond Plaza acquisition within the next two months and the expected completion of the two advanced-stage deals over the following three to six months will be key milestones for Nexus Select's Northeast retail footprint.
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