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Latham & Watkins Advises on Nexus Select Trust’s US$391 Million IPO

May 19, 2023
Landmark transaction represents India’s first ever REIT public issuance in the retail mall sector.

Latham & Watkins has advised the joint book running lead managers on the US$391 million initial public offering (IPO) of Nexus Select Trust, India's first publicly listed retail mall-led real estate investment trust (REIT), on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE). The high-profile transaction represents India’s first ever REIT public issuance in the retail mall sector.

The joint book running lead managers were Bank of America Securities India Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Securities Limited, JM Financial Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, and SBI Capital Markets Limited.

The Latham team was led by Singapore partner Rajiv Gupta, with Hong Kong counsel Tingfei Fan, Hong Kong associate Brian Chae, and Singapore associates Esha Goel and Jeffy Katio. Advice was also provided on regulatory matters by Hong Kong partner Simon Hawkins and London partner Nick Benson, with London associate Aakanksha Sinha, Riyadh associate Najla Al-Gadi, and Dubai associate Ross Whibley; on ERISA matters by Los Angeles partner David Taub, with associate Megan Ampe; and on US tax matters by New York partner Jiyeon Lee-Lim and Chicago partner Rene de Vera, with New York associates Shangpu Sun and Fangyuan Yan.

About Nexus Select Trust

Blackstone-sponsored Nexus Select Trust is a leading consumption centre platform in India with 17 best-in-class Grade A urban consumption centres, two hotel assets, and three office assets spread across 14 cities.

About Latham’s India Practice

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team has advised on India-related matters with a combined value in excess of US$100 billion since 2018.