Khaitan & Co acted as Indian Legal Counsel to the book running lead managers, being BofA Securities India Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Securities Limited, JM Financial Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited and SBI Capital Markets Limited in relation to the initial public offer of 320,000,000 units for cash at a price of INR 100 per unit (“Units”) aggregating to INR 32,000 million of Nexus Select Trust consisting of a primary issue of Units aggregating up to INR 14,000 million (“Fresh Issue”) by the Nexus Select Trust and an offer for sale of Units aggregating up to INR 18,000 million by the selling unitholders (“Offer for Sale”, and together with the Fresh Issue, the “Offer”).

We have advised on 2 out of 4 REIT IPOs in India, further strengthening our position as the leading advisor in the REIT space.

The core team consisted of Sudhir Bassi (Executive Director), Subhayu Sen (Partner), Aayush Mohata (Partner), Aparna Bagree (Principal Associate), Sathvik Ponnappa (Principal Associate), Abhishek Iyer (Associate), Saisha Bacha (Associate), Sarjana Das (Associate) and Shweta Sivaram (Associate).

Unique feature

•First mixed-use retail assets REIT, paving the way for retail assets to monetise through a yieldco platform. 

•First Blackstone sponsored REIT in which the premier private equity group were the sole sponsors. 

•The transaction demonstrated unique interplay between several distinct premier retail space operators, each of whom contributed their chosen blue-chip malls into the portfolio.

•The portfolio has a pan-India presence, showcasing demand of quality assets across micro-markets.