Nexus Select Trust has officially announced a strategic 50% equity stake acquisition in the upcoming Nexus Runwal Gardens Mall in Mumbai. The deal, valued at 434 crore, values the total enterprise at approximately 892 crore. This project marks the REIT’s first foray into under-construction development partnerships since its public listing. The new asset is located in Dombivli within the Mumbai Metropolitan Region. It features a gross leasable area of 7.3 lakh square feet and is situated at the gateway of a 250-acre township designed for 30,000 residential units. Infrastructure tailwinds for the site are strong, with the Manpada Metro station just 100 meters away and the Mumbai–Ahmedabad bullet train station within a 2-kilometer radius. **Financial Performance and Market Metrics** The trust recently reported a robust 15% year-on-year increase in Net Operating Income for Q3 FY26, reaching 450 crore. Tenant sales across its portfolio hit a record high of 4,100 crore during the same period, driven by a 16% growth in consumption. The trust maintains a high occupancy rate of 97% across its existing 19 malls. Nexus Select Trust has declared its highest-ever quarterly distribution of 2.367 per unit. The firm remains on track to meet its FY26 guidance, supported by a healthy balance sheet with a low 18% Loan-to-Value ratio. To fund ongoing expansion, the trust recently allotted 200 crore in commercial papers at a discount rate of 7.47%. **Mumbai Retail Landscape** The Mumbai retail market is currently experiencing a period of tightening supply and rising demand. Reports indicate that prime retail leasing in the city surged 82% year-on-year in 2025. This demand has pushed vacancy levels down to approximately 7.6% for quality malls, while rents have seen a steady 11% annual increase. Average monthly rents in Mumbai malls now range between 750 and 850 per square foot. The sector is increasingly shifting toward mixed-use developments that integrate residential and transit hubs. Nexus Select Trust’s entry into the Dombivli micro-market aligns with this trend, targeting high-density suburban catchments where no other Grade-A supply is currently planned. **Strategic Outlook** This acquisition is part of a broader vision to double the trust’s portfolio by 2030. Management has identified a pipeline of 11 additional assets for potential acquisition, with four currently under due diligence. The transition from pure-play operational assets to structured development projects signifies a more aggressive growth phase aimed at capturing long-term value in high-growth corridors.