Nexus (IFC-50306)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Nexus Select Trust
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 244.73 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 244.73 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 4, 2026

Disclosed by Bank Jan 14, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The proposed IFC investment is a loan of up to INR 20,700 million (the INR equivalent of US$250 million) in tranches to Nexus Select Trust. The investment will be structured as a Sustainability-Linked Bond (SLB) with climate-related Sustainability Performance Targets (SPTs). The proceeds will be used for acquisitions (directly or indirectly through its SPV’s), repayment/ refinancing of financial indebtedness (NXST or its SPV’s), and/or extending loan to its SPV’s for enhancement works of NXST’s properties or undertaking construction, payment of fees and issue expenses and other general corporate purposes.  

Previously, IFC has lent US$90 million to Aadhaar Housing Finance (#649369), where the Blackstone Group is a majority shareholder. The E&S performance for this project is Satisfactory.        

 

The proposed IFC investment is a loan of up to INR 20,700 million (the INR equivalent of US$250 million) in tranches to Nexus Select Trust. The investment will be structured as a Sustainability-Linked Bond (SLB) with climate-related Sustainability Performance Targets (SPTs). The proceeds will be used for acquisitions (directly or indirectly through its SPV’s), repayment/ refinancing of financial indebtedness (NXST or its SPV’s), and/or extending loan to its SPV’s for enhancement works of NXST’s properties or undertaking construction, payment of fees and issue expenses and other general corporate purposes.                                          

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Nexus Select Trust (“Nexus” or “NXST”) is a listed real estate investment trust managed by Nexus Select Mall Management Pvt Ltd (“Manager”) and sponsored by Wynford Investments Limited ( part of the Blackstone Inc. affiliates).

The Sponsor of NXST is Wynford Investments Limited, an affiliate of Blackstone Inc. The Sponsor and Sponsor Group i.e., Blackstone (through its affiliates) holds 22% of the total units in NXST as of September 30, 2024.

The Investment Manager is majority held by Blackstone through its affiliates.Blackstone is one of the world’s leading investment firms and a global alternative asset manager with diverse interests across multiple asset classes including real estate, private equity, infrastructure, etc. across the globe.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

NXST is a AAA rated (by CRISIL - S&P affiliate and ICRA - Moody’s affiliate) Real Estate Investment Trust (REIT) and is India’s only listed REIT in the retail space. Its portfolio comprises of 17 Grade-A urban consumption centers (UCCs or malls) across 14 cities spanning 9.9 million square feet (msf) of leased retail area, two hotel assets (354 keys), three office assets (1.3 msf) and one renewable power plant (15 MW - AC).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Blackstone Group Inc Parent Company Finance owns Nexus Select Trust Client Infrastructure

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works