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Knowledge Realty Trust (KRT), a joint venture between Sattva Group and Blackstone, has raised INR 1,400 crore from family offices and HNIs ahead of its INR 6,200 crore IPO. The trust, which recently filed its DRHP with SEBI, manages 30 premium office assets across India's top metros, totalling 48 million sq. ft.-37 million of which is already completed and 90% leased. With an estimated asset value of INR 60,000 crore, KRT is set to become India's largest REIT by Net Operating Income and asset base. This marks the fifth REIT listing in India and Blackstone's fifth public real estate offering in the country.
Knowledge Realty Trust (KRT), a real estate investment trust sponsored jointly by the Sattva Group and global investment firm Blackstone, has mobilised INR 1,400 crore from a group of family offices and high-net-worth individuals. The capital was raised through a pre-IPO round in advance of the company's maiden public issue, which aims to collect INR 6,200 crore through its upcoming listing. Advertisement
The Draft Red Herring Prospectus (DRHP) for the REIT was filed with SEBI a few months ago. The public issue forms a central part of KRT's monetisation strategy for its portfolio, which comprises 30 high-grade office properties located in India's top metropolitan cities.
KRT is projected to emerge as the country's largest REIT, both in terms of Net Operating Income (NOI) and Gross Asset Value. Industry estimates place its asset value at approximately INR 60,000 crore. The trust's portfolio spans 48 million square feet, with 37 million square feet already completed. Notably, 90 per cent of the completed space is already leased, with 76 per cent leased to multinational corporations and 45 per cent to Global Capability Centres (GCCs), positioning KRT as India's most geographically diverse Office REIT.
Currently, the Indian REIT landscape includes four listed players: Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. Unlike the first three, which are built on rent-yielding office spaces, Nexus is centred around retail assets. KRT's entry would mark the fifth REIT listing in India, and also Blackstone's fifth public real estate listing in the country, following three REITs and one listing from Ventive Hospitality.
Sattva Developers, one of the trust's sponsors, has so far delivered 74 million square feet across seven Indian cities, covering commercial, residential, hospitality, co-living, co-working, and data centre verticals. An additional 75 million square feet is currently in planning and development stages.
Blackstone continues to hold a substantial presence in India's property sector, and with KRT, the sponsors are now adopting a brand-neutral expansion model. This strategy aims to facilitate inorganic growth through third-party acquisitions-marking a shift from traditional developer-led consolidation.
According to data from Vestian, around 60 per cent of India's office space stock across the top seven cities is REIT-worthy. Presently, the combined portfolio of the four existing REITs spans over 126 million square feet of premium office and retail properties. Since their respective launches, these REITs have cumulatively distributed more than INR 21,000 crore to their unitholders.
Source: PTI
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