New Delhi, Feb. 20 -- Nexus Select Trust, a Blackstone-backed retail real estate investment trust (Reit), on Thursday said its board has approved the acquisition of the MBD Neopolis mall and its attached Radisson Blu Hotel in Ludhiana for Rs.490 crore.

The acquisition, structured as a business and asset transfer to a special purpose vehicle (SPV), Select Infrastructure Pvt. Ltd, will give Nexus Select Trust control of the MBD Complex. The deal consolidates the trust's presence in Punjab and Chandigarh, according to a filing with the NSE (National Stock Exchange) on Thursday.

MBD Neopolis generated Rs.68.74 crore in revenue from operations in fiscal year 2024.

The mall houses a hypermarket, multiplex, and kid's entertainment zone, along...