Nexus Select to acquire Guwahati’s Galaxy Complex for ₹1,600 crore, entering East India
The retail REIT plans to buy a 100% stake in the under-construction Galaxy Complex, comprising a 0.5 million sq ft mall and 164-key Hyatt Regency. The 30% pre-leased asset is expected to begin contributing rental income from FY29 and support Nexus Select’s FY30 growth target.
What happened
Nexus Select Trust will acquire Guwahati’s under-construction Galaxy Complex for ₹1,600 crore, adding a pre-leased mall and Hyatt hotel. The deal establishes an
Key facts
- ₹1,600 crore acquisition value
- 100% stake in Galaxy Complex
- 0.5 million sq ft retail mall
- 164-key Hyatt Regency Hotel
- 30% pre-leased
- 8.25-8.5% mall capitalization rate
- 11.5-12.5x hotel EBITDA multiple
- 18-20 million sq ft FY30 leasable-area target
- 10.96 million sq ft current operational retail portfolio
- 3.6 million sq ft East India pipeline
- over ₹600 crore potential pipeline NOI
- FY27 NOI target of ₹2,050-2,070 crore
- Q1FY27 total NOI ₹510 crore, up 11%
- Q1FY27 retail NOI ₹460 crore
- mall consumption up 17% year-on-year
- 96% retail leased occupancy
- ₹2.4 per unit Q1FY27 distribution
- FY27 DPU guidance of ₹9.8-10, up 9% year-on-year
- FY26 DPU ₹9.1 per unit
Why this matters
Buying Galaxy Complex gives Nexus Select a strategic East India foothold and a scalable route toward its FY30 leasable-area target, while adding execution risk around construction completion and lease-up.
What to watch
- Acquisition closing and disclosure of funding mix, implied cap rate, development cost commitments, and return thresholds.
- Quarterly construction milestones, opening-date confirmation, and any change to the FY29 rental-income target.
- Pre-leasing progression from 30%, including anchor commitments, international-brand participation, and F&B/entertainment share.
- Evidence of retailer demand for Northeast expansion, including new Guwahati store announcements by national chains.
- Hyatt Regency opening timetable, operator milestones, and hotel booking/event pipeline.
- Changes in Guwahati organized retail supply, competing mall developments, infrastructure upgrades, and consumer-spending indicators.
- Nexus Select's reported portfolio occupancy, leasing spreads, NOI growth, leverage, and stated FY30 leasable-area trajectory.
- Accelerate leasing discussions with national apparel, beauty, electronics, food-and-beverage, entertainment, and Northeast-focused retailers to lift pre-commitments well above 30% before opening.
- Use the Hyatt Regency component to package events, weddings, tourism, and corporate travel with mall activations, increasing weekday and non-shopping footfall.
- Build local catchment intelligence around Guwahati, Assam, and neighboring Northeast states to tailor tenant mix, price points, and transport access.
- Seek phased development, construction-governance, and vendor controls to protect the FY29 income timetable and limit cost overruns.
- Assess adjacent land, transit, and mixed-use development opportunities that could increase the complex's long-term catchment and create future expansion optionality.
- Communicate acquisition funding, expected yield-on-cost, stabilization assumptions, and DPU timing clearly to REIT investors, given the long gap before income contribution.