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Knowledge Realty Trust (KRT), sponsored by Sattva Group and Blackstone, has received approval from SEBI to launch its Real Estate Investment Trust (REIT) public offering, aiming to raise INR 4,800 crore. Having already secured INR 1,400 crore from investors pre-IPO, KRT is set to become India's largest REIT by gross asset value, estimated at INR 62,000 crore, upon its launch in the first week of August. Its portfolio spans over 46 million square feet of office assets across 29 properties in six major cities. This IPO signifies growing investor confidence in India's institutional-grade real estate and the REIT model.
Knowledge Realty Trust (KRT), a real estate investment trust backed by Sattva Group and Blackstone, has received approval from SEBI (Securities and Exchange Board of India) to launch its public offering. The REIT aims to raise INR 4,800 crore through this public issue. Advertisement
KRT has already secured INR 1,400 crore from investors prior to the public offering. The REIT IPO is scheduled to enter the capital markets in the first week of August. The price band for the offering is likely to be announced later, on August 30.
Upon its launch, KRT is expected to become India's largest REIT based on its gross asset value, which is estimated at around INR 62,000 crore. The company's net operating income in the previous fiscal year was INR 3,432 crore.
KRT's portfolio includes over 46 million square feet of office assets. These are spread across 29 properties in six major Indian cities, including Mumbai, Bengaluru, and Hyderabad. Notable assets within its portfolio include One BKC, One World Center, Knowledge City, Knowledge Park, Cessna Business Park, and Sattva Softzone.
Blackstone and Sattva Group, the sponsors, plan to retain approximately 80 percent ownership of the REIT. The sponsors also aim to adopt a brand-neutral strategy, which means they will expand KRT's portfolio through acquisitions of properties from third parties, not just their own developments.
The Indian market already has four existing listed REITs: Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. These collectively manage over 126 million square feet of high-quality office and retail space and have distributed over INR 21,000 crore to unitholders since their inception. The addition of KRT will further expand India's growing REIT market, offering more options for investors to participate in income-generating real estate assets.
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