Knowledge Realty Trust (KRT), a real estate investment trust sponsored by Sattva Group and Blackstone, has filed initial documents with the Securities and Exchange Board of India (SEBI) for its first public offering. The proposed REIT aims to raise over Rs 6,200 crore through the listing.
KRT has submitted its Draft Red Herring Prospectus (DRHP) to SEBI, outlining its plan to list on stock exchanges. The REIT is structured to monetize 30 premium office properties located in key urban centers. With an estimated Gross Asset Value of Rs 60,000 crore, KRT is set to become India’s largest REIT by Net Operating Income (NOI).
The REIT’s total portfolio spans 48 million square feet, including 37 million square feet of completed Grade A office spaces across six major cities. Around 90% of the leased space is occupied by well-established tenants, including 76% multinational corporations (MNCs) and 45% Global Capability Centres (GCCs).
Currently, four REITs are listed in India: Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. While the first three primarily hold rent-generating office properties, Nexus Select Trust focuses on retail assets. The proposed KRT listing would mark the fifth REIT offering in India and Blackstone’s fourth real estate trust in the country.
Sattva Developers has built 74 million square feet of commercial, residential, and mixed-use developments across seven Indian cities, with an additional 75 million square feet under development. Blackstone, a major global investment firm, continues to expand its presence in India’s real estate market. The KRT portfolio is expected to grow further through strategic acquisitions beyond its current holdings.
The four existing REITs collectively hold over 126 million square feet of Grade A office and retail properties and have distributed more than Rs 21,000 crore to unitholders since inception. Industry experts see the growing REIT market as a positive development for liquidity and investment diversification.
Shrinivas Rao, CEO of real estate consultancy Vestian, noted, “The REIT market in India is expanding rapidly with increasing participation from institutional investors and developers. The new listing will further improve liquidity and attract retail investors to the sector.”
Vestian’s latest report suggests that nearly 60% of office space across India’s top seven cities meets REIT eligibility criteria. As regulations evolve, the REIT market is expected to expand into new real estate segments, offering investors stable returns and portfolio diversification.
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By Proptechbuzz
By Ravi Kumar
