Sattva Sukun Lifecare Ltd News

Sattva, Blackstone-backed REIT raises ₹1,400 crore in pre-IPO funding

Knowledge Realty Trust, sponsored by real estate company Sattva Group and Blackstone, has raised Rs 1,400 crore from investors ahead of its maiden REIT public issue. In early March, Knowledge Realty Trust (KRT) filed the Draft Red Herring Prospectus (DRHP) with SEBI to launch an Initial Public Offering (IPO) for raising Rs 6,200 crore and list the REIT on stock exchanges. This is part of its strategy to monetise its 30 prime office assets across major cities. According to sources, the KRT has raised Rs 1,400 crore in a pre-IPO round from family offices and high net worth individuals. KRT will be the largest REIT in India in terms of Net Operating Income (NOI) and Gross Asset Value, which is estimated at around Rs 60,000 crore. At present, there are four listed REITs in India -- Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. Apart from Nexus Select Trust, the other three REITs are backed by rent-yielding office