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Sattva-Blackstone Files Draft Papers for Massive Reit IPO

March 07, 2025

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Mint Kolkata

Blackstone will own a 55% stake in the Reit while Sattva Group will hold the rest

- Madhurima Nandy

Bengaluru developer Sattva Group and asset manager Blackstone Group filed draft papers for an initial public offering (IPO) of a real estate investment trust (Reit), with market regulator Securities and Exchange Board of India (Sebi).

The Reit, Knowledge Realty Trust, has a portfolio of 30 Grade A office assets across 48 million sq. ft., mostly concentrated in Bengaluru, Hyderabad and Mumbai. It will be majority owned by Blackstone at 55% while Sattva Group will hold the rest, the company said in its offer document.

The Reit aims to raise over ₹7,000 crore, said a person familiar with the companies' plans. Blackstone has been a sponsor to three of the four listed Reits in India.

The Knowledge Realty Trust Reit will be the second largest in Asia in terms of leasable area, and the largest in the country by net operating income (NOI) and gross asset value.

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