We initiate coverage on Nexus Select Trust (Nexus) REIT with BUY rating based on Mar’24E DCF-based target price of Rs126/share. As of Dec 31, ’22, Nexus owns and operates 17 Grade A urban consumption centres or retail malls with total leasable area of 9.2msf, two complementary hotel assets (354 keys) and three office assets (1.3msf).