The board of directors of Nexus Select Mall Management, manager to Nexus Select Trust, have approved the acquisition of MBD Neopolis, Ludhiana, from AKM Enterprises for a total enterprise value of Rs 4,900 million.
The mall comprises aggregate leasable area admeasuring approximately 255,666 sq ft and includes the Radisson Blu Hotel MBD situated at Ferozpur Road.
The acquisition has been done through its special purpose vehicle (SPV), Select Infrastructure.
The current rentals in the submarket for retail malls typically vary between Rs 50 – 110 per sq ft per month on a leasable area basis across both anchor and inline tenants. Further, the rentals for ground floor In-line spaces ranges between Rs 160 – 280 per sq ft per month across categories.
