India, Feb. 23 -- Nexus Select Trust, a retail REIT sponsored by Blackstone Inc., on February 23 announced a tie-up with Mumbai-based developer Runwal Enterprises for an under-construction 7.3 lakh sq ft shopping mall in Dombivli, near Mumbai.

Under the agreement, Nexus Select Trust will acquire a 50% stake in the upcoming property for Rs.434 crore as part of its expansion strategy. The company said the transaction marks its first-ever strategic partnership involving an under-construction retail development.

According to a regulatory filing, the company has agreed to acquire a 50% stake in the upcoming Nexus Runwal Gardens Mall in Dombivli, part of the Mumbai Metropolitan Region (MMR), to be operated in partnership with Runwal Enterpris...