Nexus Select Trust is in discussions to acquire The Marina Mall in Chennai, which boasts nearly 600,000 square feet of retail space.
The mall, located on Old Mahabalipuram Road, was developed by OMR Mall Developers (OMDR), a special purpose vehicle established in 2008 by landowners and realty developer Allied Investments & Housing.
Although specific figures have not been discussed, Aslam Packeer Mohamed, managing director of OMDR, confirmed the talks.
Nexus Select Trust aims to expand its portfolio to 20 million square feet in the next five years through acquisitions, reflecting the robust growth in India's retail sector.
The Marina Mall, opened in February 2019, features six floors of shopping and entertainment, three basement parking floors, over 25 food outlets, 150 brands, entertainment zones, and an eight-screen multiplex
The Indian retail market has seen significant growth post-pandemic, with notable increases in mall consumption, occupancy, and rental rates.