Certain Blackstone funds (“Funds”) contributed their indirect interests in certain retail and other properties in India to a newly formed Nexus Select Trust REIT (NSEI:NXST), in exchange for newly issued common units in the REIT in connection with an initial public offering of Nexus Select Trust.

The common units of Nexus Select Trust REIT started trading on the National Stock Exchange of India on May 19, 2023.

The Duff & Phelps Opinions Practice of Kroll, LLC served as an independent financial advisor to Blackstone and the Funds and rendered a fairness opinion that the relative value of Nexus Select Trust REIT to be allocated to each of the Funds contributing their indirect interests in the properties was fair to each Fund, from a financial point of view.

About Nexus Select Trust REIT

Nexus Select Trust REIT is India’s first publicly listed retail asset real estate investment trust (REIT). Nexus Select Trust’s portfolio is comprised of 17 best-in-class grade A retail malls with a gross leasable area of 9.8 million square feet spread across 14 cities in India, two complementary hotel assets (354 keys) and three office assets with a gross leasable area of 1.3 million square feet. Nexus Select Trust has commissioned multiple solar and hybrid power plants with a combined capacity of over 30 MW.

Nexus Select Trust REIT will continue to be externally managed by Nexus Select Mall Management Pvt. Ltd.