New Delhi, Sept. 11 -- Nexus Select Trust, India's first retail-focused REIT (real estate investment trust) with a portfolio of consumption-related assets, has entered northeast India with an agreement to acquire a 100% stake in the under-construction Galaxy Complex in Guwahati for Rs.1,600 crore. The asset comprises a 0.5 million square feet (msf) retail mall and a 164-key Hyatt Regency Hotel.

Construction is expected to be completed in Q4FY28, with rentals likely from FY29. Nexus will take ownership and make the payment only upon completion and receipt of approvals, shielding it from development risk. The mall is already 30% pre-leased to major brands.

The acquisition implies a capitalization rate, a measure of the earning potential o...