Shares of of Nexus Select Trust REIT were listed at ₹103 per share on the National Stock Exchange on Friday, representing a 3 per cent premium over the issue price of ₹100 per unit.

The Blackstone-sponsored REIT maintained a positive momentum post the listing in an otherwise weak market. The stock was trading with a 4 per cent gain at ₹104.04 on the NSE around 1 pm.

The initial public offer was subscribed 5.7 times with the portion reserved for non-institutional investors subscribed 6.6 times.

Chris Heady, Chairman of Asia Pacific & Head of Real Estate Asia, Blackstone, said, “We are pleased to celebrate the successful launch of Nexus Select Trust, India’s first retail-focused REIT, and bring an unprecedented opportunity to investors.“

Tuhin Parikh, Head of Real Estate India, Blackstone, said that India is a fast-growing economy with unique consumption tailwinds, and Nexus Select Trust is uniquely positioned to benefit from these trends.

Sankey Prasad, Chairman and Managing Director of India at Colliers, said that after the successful listing of India’s first Retail REIT is expanding the investible cosmos for investors.

“REIT in the retail sector will not only institutionalise the segment, but also allow individual investors to own rent-yielding retail assets, thus allowing bigger and smaller investors to reap benefits of its innate growth potential,” Prasad said.