The Competition Commission of India (CCI) approves acquisitions of commercial real estate assets by Nexus Select Trust
The Proposed Transaction involves: (a) direct acquisition of 100% shareholding of Daksha Infrastructure Private Limited, Select Infrastructure Private Limited, Chitrali Properties Private Limited, Naman Mall Management Company Private Limited, CSJ Infrastructure Private Limited, Euthoria Developers Private Limited, Safari Retreats Private Limited, Vijaya Productions Private Limited, Nexus Udaipur Retail Private Limited, Nexus Hyderabad Retail Private Limited, Nexus Mangalore Retail Private Limited, Nexus Mysore Retail Private Limited, Nexus Shantiniketan Retail Private Limited, Nexusmalls Whitefield Private Limited and Nexus South Mall Management Private Limited; (b) indirect acquisition by the Acquirer REIT (acting through its Manager) of 100% shareholding of Westerly Retail Private Limited (WRPL) (through Select Infrastructure Private Limited) and Mamadapur Solar Private Limited (MSPL) (through Nexus South Mall Management Private Limited); and (c) direct acquisition by the Acquirer REIT (acting through its Manager) of 50% of the equity shares of ITIPL from its existing shareholders.
The Acquirer REIT has been set up as a contributory, determinate and irrevocable trust under the provisions of the Trusts Act, pursuant to the Trust Deed dated 10 August 2022, for engaging in the business of owning and/or operating a portfolio of rent or income generating real estate assets, in accordance with the SEBI (Real Estate Investment Trusts) Regulations, 2014 (as amended) (“REIT Regulations”). The Acquirer REIT was registered with the SEBI on 15 September 2022 as a real estate investment trust under the REIT Regulations bearing registration number IN/REIT/22-22/0004.
The Target Entities and Target Investment Entity are primarily engaged in the commercial real estate sector in India.
Detailed order of the CCI will follow.
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