NEW DELHI: Nexus Select Trust has reported net consolidated profit after tax of Rs 93.87 crore during the quarter ended June 30, 2023. Its net consolidated total income stood at Rs 291.98 crore in Q1 FY24, the company said in a BSE filing.
The company witnessed 97% leased occupancy (retail) and 18% year-on-year tenant sales growth in Q1 FY24, achieved net operating income of Rs 389.70 crore and raised Rs 2,250 crore during the quarter at an average interest cost of 8.2% (vs 8.5% in projections) achieved interest savings of ~50 bps/~Rs 11 crore per annum.
Dalip Sehgal, executive director and chief executive officer of the company said, “We are proud to report a strong start to FY24 with a robust consumption growth of 18% year-on-year in Q1 FY24. During this quarter, we leased 0.4 million sq ft, resulting in an increase in occupancy to 97%.”
In May 2023, the Trust has obtained lease rental discounting loan (LSD) of Rs 1,250 crore with a flexi hybrid loan of Rs 100 crore as a sub-limit of LRD loan. It carries interest rate of 8.4% per annum + spread of 1.9%. Repayment period of the loan is 156 months. The LRD loan is secured against exclusive charge on immovable properties and leases receivables of Nexus Hyderabad Mall, Nexus Centre City and 67.95% of total buildup area of Nexus Koramangala Mall and corporate guarantee is provided by Nexus Hyderabad Retail and Nexus Mysore Retail, it informed in the regulatory filing.
On May 12, 2023 Nexus Select Trust entered into share acquisition agreements with shareholders of 17 asset SPVs for acquisition of equity interest, redeemable preference shares and compulsorily convertible debentures for units of Nexus Select Trust and payment of cash consideration amounting to Rs 14,773.44 crore. The company has also acquired 50% of the equity interest of Indore Treasure Island in exchange for units of Nexus Select Trust amounting to Rs 205.93 crore, it said in the regulatory filing,
Initial public offering was for 140,000,000 units for cash at price of Rs 100 per unit aggregating to Rs 1,400 crore. The Trust was incorporated on August 10, 2022.
