Blackstone-Sattva REIT to raise ₹4,800 crore via IPO in August 2025

Knowledge Realty Trust to be India's fifth listed REIT with 48 msf leasable area, second-largest in Asia, and largest in India by NOI and gross asset value

Blackstone-backed Knowledge Realty Trust is planning to raise ₹4,800 crore through an initial public offering (IPO) in August, and become the fourth listed real estate investment trust (Reit) in India, according to the people familiar with the matter.

 

The firm had filed draft papers to raise a total of ₹6,200 crore in March, out of which it has raised ₹1,400 crore in a pre-IPO funding round. 

 

It will have a total leasable area of 48 million square feet (msf), the second largest in Asia. The Reit will be the largest in India in terms of net operating income (NOI) and gross asset value (GAV).

 

 

Blackstone declined to comment on queries from Business Standard. 

 

About 95 per cent of Reit’s assets are concentrated in the top three Indian office markets -- Mumbai, Bengaluru, and Hyderabad.  Some of the properties included in the Reit’s portfolio are One BKC, One International Centre, and One World Centre in Mumbai.

 

And 90 per cent of Reit’s portfolio is leased, with 76 per cent of the tenants being multinational companies.

 

Earlier, in its draft papers, the Reit said that ₹5,800 crore of the issue will be used for partial or full repayment or prepayment of certain financial indebtedness of the asset special purpose vehicles and the investment entities.

 

As of March 31, 2025, the value of Blackstone’s global real estate portfolio stood at around $596 billion.

 

Earlier, Blackstone exited from Embassy Office Parks REIT in December 2023 selling its entire stake of 23.5 per cent for ₹7,100 crore.

 

In 2022, Blackstone also pulled out from Mindspace Business Parks REIT by selling its entire stake of ₹9.16 per cent for ₹1,740 crore. 

 

Last year, Blackstone sold its partial stake of 20.8 per cent in Nexus Select Trust for more than ₹4,300 crore. 

 

Meanwhile, Sattva Group has developed over 80 msf of area so far and has 65 msf of development coming up.