Nexus Select Trust CEO change: Nawal set to take over

What is changing at Nexus Select Trust

Siddharth Nawal, a managing director in Blackstone’s real estate business in India, is set to take over as chief executive officer of Nexus Select Trust, according to people aware of the development cited by The Economic Times. He will replace Dalip Sehgal as CEO. The appointment is expected to be formalised soon, with the transition likely to be announced after internal processes and approvals are completed. Nexus Select Trust is described as the country’s only listed retail real estate investment trust, and also as India’s first publicly listed retail REIT. The leadership change comes as the trust outlines an acquisition-led expansion plan for retail assets in India.

Who is Siddharth Nawal

Nawal has worked with Blackstone in retail real estate for about ten years, as per the information shared in the report. His move to the top role at Nexus Select Trust places a Blackstone real estate executive at the helm of the listed retail REIT platform. The report does not provide additional details on his prior roles beyond his position as managing director at Blackstone’s real estate business in India. But the stated experience in retail real estate aligns with Nexus Select Trust’s core focus on shopping centres and consumption-led assets.

Dalip Sehgal’s role during the transition

Dalip Sehgal, who has been CEO since February 2018, is expected to continue in a co-CEO role and work with Nawal through the end of the year, according to people aware of the development. Separately, a company profile section in the provided material lists Sehgal as CEO with an appointment date of April 2022 and a tenure of 4.5 years. The transition structure signals continuity in leadership as the trust pursues new assets and funding options. The report does not specify whether the co-CEO arrangement will extend beyond the end-of-year timeline mentioned.

The REIT’s expansion target: 30-35 malls by 2030

Nexus Select Trust plans to expand its portfolio by acquiring more retail assets in India. It aims to grow its shopping centre count from 19 to 30-35 malls by 2030. This goal implies a significant increase in scale over the rest of the decade, and it frames the CEO change as part of a broader growth push. The update does not name specific assets under negotiation in this context, but it sets a clear long-term portfolio target.

Current portfolio footprint and asset mix

The trust’s portfolio is described as 19 best-in-class Grade A urban consumption centres with a gross leasable area of 10.7 million square feet spread across 15 cities in India. In addition to malls, the portfolio includes three complementary hotel assets with 450 keys and three office assets with a gross leasable area of about 1.3 million square feet. This mix positions the REIT as a retail-led platform with supporting hospitality and office exposure, as per the provided portfolio description.

Funding and leverage: board meeting on Oct 12, 2026

On the funding front, Nexus Select Trust’s board is scheduled to meet on October 12, 2026, to approve raising up to ₹2,050 crore through debt instruments. The stated options include non-convertible debentures (NCDs), term loans, and commercial papers. The disclosure is noted as being made under SEBI Listing Obligations and Disclosure Requirements regulations. The principal amount referenced is an aggregate cap, and the material does not specify the final instrument mix that will be chosen.

Recent commercial paper allotment and terms

Nexus Select Trust approved the allotment of commercial papers worth ₹250 crore. The issue includes two tranches with tenures of 43 days and 54 days at a 6.35% discount rate. The material also states that an issuance approved by the manager’s Borrowings Committee matures on September 24, 2026, and will be listed on BSE’s wholesale debt segment. These steps indicate active use of short-term debt markets alongside the larger proposed borrowing plan.

East and Northeast expansion: Guwahati transaction

Nexus Select Trust announced a strategic entry into Northeast India through a landmark transaction for the development of a Grade A mall and hotel in Beharbari, Guwahati. The proposed funding structure is estimated at 40% debt, with the balance through fresh unit issuance and unit swap, with the final funding mix to be determined at transaction closure. The trust said the transaction is expected to be Net Asset Value (NAV) and Distribution Per Unit (DPU) accretive upon acquisition. It also stated that post-acquisition Loan-to-Value (LTV) will stand below 20%, maintaining proforma debt headroom of $1 billion for future inorganic growth opportunities. Dalip Sehgal, identified as Executive Director and CEO in the announcement, said the acquisition translates the trust’s stated ambition for East and Northeast India into action.

Investor engagement: institutional meeting in September 2026

The REIT held a one-on-one meeting with institutional investors on September 18, 2026. Senior management from the manager company attended the session to discuss the trust’s performance, as per the company update. While the details of investor queries and responses are not included, the meeting is part of routine market communication for listed vehicles, especially during periods of funding activity and leadership transitions.

Key facts at a glance

Why the leadership change matters

A CEO transition at a listed REIT can influence how investors evaluate execution risk, capital allocation discipline, and the pace of acquisitions. In this case, the change is linked to a clear expansion goal of adding retail assets and scaling from 19 malls to 30-35 by 2030. The parallel focus on debt raising, including a proposed ₹2,050 crore borrowing plan and recent commercial paper issuance of ₹250 crore, highlights that funding strategy will remain central to near-term decisions. The Guwahati transaction also adds a new regional growth vector, alongside stated leverage discipline through the below-20% LTV indication after the acquisition.

Conclusion

Siddharth Nawal is set to take over as CEO of Nexus Select Trust as the retail REIT pursues acquisition-led growth and a larger mall portfolio by 2030. The transition is expected to be formalised after internal approvals, with Dalip Sehgal anticipated to support the handover as co-CEO through the end of the year. In the near term, investor attention is likely to stay on the October 12, 2026 board decision on borrowing plans and on updates related to the Guwahati development transaction and its final funding mix.