Nexus Select Trust to buy Galaxy Infra Creations for Rs 1,600 crore
REIT Nexus Select Trust approved plans to acquire a 100 percent stake in Guwahati developers Galaxy Infra Creations Pvt Ltd. In separate action, M3M led bidding for prime Noida land.
Nexus Select Trust, a listed real estate investment trust owning 19 malls, announced it will acquire a full equity stake in Galaxy Infra Creations Pvt Ltd for Rs 1,600 crore. Galaxy Infra Creations is currently constructing a 5.16 lakh sq ft shopping mall and a 164-key Hyatt Regency Hotel in Guwahati. The deal includes cash and unit swap consideration, and Nexus stated it would assume operational responsibility after construction completion and receipt of approvals. This marks the trust's first entry into northeast India. Separately, real estate developer M3M Group emerged as the highest bidder for a 12.5-acre mixed-use land parcel in Sector 108, Noida, reportedly for Rs 1,850 crore. The sector had a reserve price of Rs 835 crore and attracted strong interest from DLF Ltd and Godrej Properties. Only two of the shortlisted groups participated in Tuesday's auction. Godrej previously won a bid for a 4.95-acre residential plot in Sector 151, Noida, for Rs 331.75 crore.
