Bengaluru-based real estate developer Prestige Estates Projects Limited has sold minority stake in 8 retail mall assets to Blackstone sponsored Nexus Select Trust, India’s first retail focused real estate investment trust.

Definitive documents were executed in November 2022 between Prestige and Nexus Select Trust and pursuant to completion of the IPO, Prestige holds 4.34% of the units of Nexus Select Trust.

JSA advised Prestige Estates Projects in this deal.

The transaction team consisted of Vivek K Chandy (Joint Managing Partner), KZ Kuriyan (Partner), Ajay G Prasad (Partner), Aditi Aggarwal (Principal Associate) and Aishwarya B Shankar (Senior Associate).

JSA had also advised Prestige in the sale of a majority stake in the aforesaid retail mall assets to Blackstone as part of the $1.5 billion Prestige-Blackstone portfolio sale transaction in 2021 and 2022.

The Nexus Select Trust portfolio has 17 shopping malls, spanning 9.8 million sq. ft., across 14 cities, making it the largest shopping mall platform in the country.

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