Vanguard Group on Wednesday bought more than 1.14 crore units in REIT firm Nexus Select Trust for Rs 158 crore via open market transactions, while Morgan Stanley sold its stake in the company. Nexus Select Trust is India’s first real estate investment trust (REIT) backed by retail properties.
According to the bulk deal data available on the National Stock Exchange (NSE), the US-based Vanguard Group purchased 1,14,50,476 units, amounting to a 0.75 per cent stake in Nexus Select Trust.
The units were picked up at an average price of Rs 138.42 apiece, taking the transaction value to Rs 158.49 crore.Meanwhile, Morgan Stanley Asia Singapore disposed of 78.41 lakh units of REIT firm at an average price of Rs 138.33 per piece, taking the deal value to Rs 108.47 crore.
Details of other sellers of the REIT firm’s units could not be ascertained.
Additionally, Morgan Stanley Asia Singapore also purchased 3,003 units of Nexus Select Trust.
Nexus Select Trust units rose 1.16 per cent to close at Rs 138.01 a unit on the NSE.
Last week, global investment firm Blackstone sold 31.55 crore units in its REIT firm Nexus Select Trust’ for around Rs 4,354.90 crore as part of a strategy to monetise its real estate portfolio.
Domestic mutual funds, including ICICI Prudential Mutual Fund (MF), and HDFC MF picked up units of Nexus Select Trust. Among foreign companies, US-based financial services company Wells Fargo and Morgan Stanley acquired stakes in the company, while French asset management firm Carmignac also bought units of the REIT firm.
Nexus Select Trust’s portfolio comprises 17 shopping malls with a gross leasable area of 9.9 million square feet spread across 14 cities, two complementary hotel assets (354 keys) and three office assets with a gross leasable area of 1.3 million square feet.
