BENGALURU, Feb. 2 -- Blackstone-backed Nexus Select Trust, India's first publicly listed retail real estate investment trust (Reit), has raised Rs.700 crore through a bond issue anchored by the International Finance Corp. (IFC), marking the World Bank Group arm's first investment in a retail Reit in the country.

The proceeds will be used largely to refinance existing debt. The bonds have a tenure of 10 years.

IFC, the private-sector investment arm of the World Bank Group, subscribed to about Rs.250 crore of the issue, Nexus said.

"We had a tranche of NCDs (non-convertible debentures) coming up for renewal. IFC has subscribed to around Rs.250 crore of the bond issue. It is linked to sustainability targets including achieving net zero by...