On this page
Blackstone's Siddharth Nawal set to take over as CEO of Nexus Select Trust as it targets 30-35 malls by 2030
Siddharth Nawal, Blackstone's India real estate managing director, is set to become CEO of Nexus Select Trust, which owns 22 retail assets across 17 cities. Dalip Sehgal is expected to stay as co-CEO through year-end. Nexus targets 30-35 malls by 2030.
Who and when
Figures from ET Small Business,
| Current mall portfolio: | 19 |
|---|---|
| Planned retail asset acquisitions: | 8-10 |
| Leasable area: | about 12 million sq ft |
| Blackstone stake sold in August 2024: | around 21% |
| Blackstone stake before sale: | about 43% |
Why the change matters
Brands and tenants should expect Nexus Select Trust to keep expanding from 19 malls toward 30-35 by 2030 under Blackstone's Siddharth Nawal, which could open more leasing and rollout options, while co-CEO Dalip Sehgal staying through year-end keeps near-term tenant relationships steady.
What to watch next
- Formal board or stock-exchange filing confirming Nawal's appointment and Sehgal's exit date
- First mall acquisition announced after the leadership change
- Management commentary on the 30-35 mall target at the next earnings call
- Any equity raise or new debt facility tied to expansion
- Unit price reaction and analyst rating changes after the announcement
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Nexus Select Trust is likely to confirm Nawal's appointment formally, with a defined role for Sehgal as co-CEO through year-end.
- Nexus is likely to start announcing acquisitions or pipeline additions to move from 19 malls toward its 30-35 mall goal by 2030.
- Nawal may lean on Blackstone's India real estate relationships to source deals, which would draw investor attention to related-party and governance safeguards.
- Rival mall owners and retail REITs may step up competition for quality retail assets as Nexus signals a bigger buying appetite.
- Lenders and unitholders are likely to ask how Nexus plans to fund expansion, and may press for clarity on the balance between debt and new unit issuance.
The source
Published
First seen