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Knowledge Realty Trust (KRT), a new REIT backed by Blackstone and Sattva Group, has received approval from India's Competition Commission to acquire businesses linked to both firms. This includes full and joint control of several real estate entities. KRT, managed by SEBI-registered Knowledge Realty Office Management Services, focuses on income-generating commercial office spaces. It plans to raise over INR 6,200 crore through an IPO, aiming to become India's largest REIT by Net Operating Income and asset value. With 30 office assets across key cities, KRT will join four existing REITs in India and mark Blackstone's fifth real estate listing in the country, highlighting rising investor interest in Indian commercial properties.
Knowledge Realty Trust (KRT), a new real estate investment trust (REIT), received approval from the Competition Commission of India (CCI) earlier this week to purchase a number of businesses connected to Bengaluru-based real estate developer Sattva Group and international private equity firm Blackstone. This acquisition encompasses both direct and indirect control over entities owned individually by Blackstone or Sattva, as well as those jointly held by both parties. Advertisement
KRT is jointly sponsored by Blackstone and Sattva Group, two prominent players in India's commercial real estate sector. The manager of the trust, Knowledge Realty Office Management Services formerly known as Trinity Office Management Services is a Securities and Exchange Board of India (SEBI)-registered REIT. It specializes in owning and managing income-generating real estate assets, including commercial office spaces.
The CCI's approval is a significant milestone, enabling KRT to consolidate premium office assets under its portfolio. This move underscores the growing appeal of India's commercial real estate market to institutional investors, particularly through the REIT structure, which facilitates both retail and institutional participation in high-value, income-yielding real estate projects.
In March of this year, KRT filed initial documents with SEBI to launch its maiden REIT IPO, aiming to raise over INR 6,200 crore. The IPO is part of KRT's strategy to monetize its 30 prime office assets across major cities. Upon completion, KRT is poised to become the largest REIT in India in terms of Net Operating Income (NOI) and Gross Asset Value, estimated at around INR 60,000 crore.
Currently, there are four listed REITs in India: Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. Unlike Nexus Select Trust, which owns a large portfolio of retail real estate spaces, the other three REITs are backed by rent-yielding office assets. KRT's entry into the market will mark the fifth public listing of Blackstone's India real estate business, further solidifying its presence in the country's commercial real estate landscape.
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