Blackstone-owned Nexus, Prestige in talks to merge mall business

Blackstone-owned Nexus Malls and Bengaluru-based Prestige Group are in initial talks to merge their mall businesses, said two people with knowledge of the matter, in a sign of consolidation in India’s competitive shopping-centre space. If the talks fructify, it will create the largest mall operator in the country and the people said the combined entity could be listed as a real estate investment trust (REIT) as part of the plans. Blackstone-backed Embassy Office Park REIT earlier this year listed its units, which jumped 35% on the first day. Embassy Office Park is the first REIT in India to make an initial public offering and so far the only one listed on the National Stock Exchange.