Nexus Select Trust, India's first listed retail REIT sponsored by Blackstone, has entered into a strategic partnership with Mumbai-based Runwal Enterprises to co-develop an under-construction shopping mall in Dombivli, part of the Mumbai Metropolitan Region (MMR).

Under the agreement announced on February 23, Nexus Select Trust will acquire a 50 percent stake in the upcoming Nexus Runwal Gardens Mall for ₹434 crore. The transaction marks the REIT's first partnership in an under-construction retail asset since its listing, signalling a shift in strategy from pure asset acquisitions to structured development collaborations.

The proposed mall will span approximately 7.3 lakh sq ft of gross leasable area (GLA). It is located at the entrance of the 250-acre Runwal Garden City township in Dombivli, a fast-growing residential corridor near Mumbai.

The development will be executed through a special purpose vehicle, combining Runwal Enterprises' development capabilities with Nexus Select Trust's retail leasing, asset management and operational expertise. The structure is designed to enable shared value creation while maintaining capital discipline and operational oversight.

The partnership allows Nexus Select Trust to expand into a high-growth suburban micro-market supported by large-scale residential development and improving infrastructure connectivity, including metro, high-speed rail and multimodal transport corridors.

According to the company, the deal represents a calibrated move into a development opportunity that is backed by a sizeable township ecosystem and a growing consumption base. The structure enables participation in long-term upside while mitigating execution risks through collaboration with an established local developer.

Runwal Enterprises said the retail asset will act as a key anchor within the integrated township, catering to the rising demand from one of the region's fastest-expanding residential catchments.

Nexus Select Trust currently owns:

• 19 operational malls
• 10.7 million sq ft of gross leasable area across 15 Indian cities
• 3 hotel assets with 450 keys
• 3 office assets with 1.3 million sq ft of gross leasable area

The Dombivli mall marks the REIT's next phase of growth through selective development participation rather than only completed asset acquisitions.

The ₹434 crore investment into the Dombivli retail project reflects Nexus Select Trust's evolving expansion strategy as it taps into suburban consumption growth within the Mumbai Metropolitan Region. By partnering with Runwal Enterprises in a township-led development, the REIT is positioning itself early in an emerging retail corridor while maintaining a structured and risk-managed approach. The project underscores increasing institutional interest in organised retail formats beyond traditional metro cores.