Blackstone and Sattva Group plan to file papers for a ₹7,000 crore REIT IPO in mid-February 2025. The REIT, Knowledge Realty Trust, will be India’s largest with 48 million sq ft of leasable space.
Private equity firm Blackstone and Bengaluru-based developer Sattva Group are gearing up to file the draft papers for a major ₹7,000 crore Real Estate Investment Trust (REIT) IPO by mid-February 2025. The REIT, named Knowledge Realty Trust, will be the largest REIT in India, boasting a total leasable space of 48 million square feet, and will also be the second-largest in Asia.
The Knowledge Realty Trust will be primarily owned by Blackstone, holding a 55% stake, with the remaining 45% controlled by Sattva Group. The trust will span across six major cities in India, including Mumbai, Bengaluru, Hyderabad, and Pune, and will encompass 30 office properties. Key assets in the trust include One BKC, One International Centre, and One World Centre in Mumbai, Sattva Knowledge City and Sattva Knowledge Park in Hyderabad, and Cessna and Exora Business Parks in Bengaluru.
The public offering is expected to be launched by June 2025, making it one of the most significant REIT listings in India in recent years. This will be the fifth such trust to hit the Indian market, with Blackstone already having launched the first REIT in India, Embassy Office Parks REIT, in March 2019, which raised ₹4,750 crore.
This development comes as part of Blackstone’s ongoing dominance in India’s commercial real estate market, with a portfolio of over 50 million square feet across various properties.
The launch of Knowledge Realty Trust adds to a growing trend of private equity-backed REITs, as investors continue to be attracted to the potential of India’s office real estate market. While Blackstone and Sattva Group have yet to comment on the details, industry insiders are optimistic about the potential success of the offering.
