Archive · 1 Sep 2026
Blackstone’s Rs 12,000-Crore Knowledge Realty Trust Sale Fully Subscribed
Blackstone wanted to sell part of its ownership in Knowledge Realty Trust.
The sale was worth up to Rs 12,000 crore.
Investors placed orders for 2.5 times the number of units offered.
Blackstone’s ownership will fall from about 46.5% to 21.5%.
Sattva Group will become the biggest owner of the trust.
Knowledge Realty Trust owns commercial real estate through the REIT structure.
Its units fell slightly on Tuesday after the offer.
The deal shows that many investors are interested in Indian real estate trusts.
Blackstone’s Rs 12,000-crore offer for sale in Knowledge Realty Trust was subscribed 2.5 times.
The offer included a Rs 8,000-crore base issue and a Rs 4,000-crore oversubscription option.
The sale covered about 25% of Knowledge Realty Trust and had a floor price of Rs 108 per unit.
Blackstone’s stake will fall to about 21.5%, while Sattva Group will become the largest holder with about 32%.
The transaction is the largest in India’s REIT market and the country’s second-largest offer for sale after the LIC stake sale.
- Who
- Blackstone, Knowledge Realty Trust investors, and Sattva Group were central to the transaction.
- What
- Blackstone sold up to a 25% stake in Knowledge Realty Trust through a Rs 12,000-crore offer for sale.
- When
- The sale opened on Monday for non-retail investors, with retail investors participating on Tuesday.
- Where
- The transaction took place in India’s listed REIT market, with Knowledge Realty Trust units traded on the BSE.
- Why
- Blackstone reduced its stake, while strong demand reflected investor interest in listed Indian REITs and commercial real estate.
- Offer size
- Rs 12,000 crore, including a Rs 8,000-crore base offer and a Rs 4,000-crore oversubscription option.
- Subscription
- The offer was subscribed 2.5 times.
- Floor price
- Rs 108 per Knowledge Realty Trust unit.
- Blackstone’s resulting stake
- About 21.5%, down from approximately 46.5%.
- Sattva Group’s resulting stake
- About 32%, making it the largest holder.
- Market performance
- Knowledge Realty Trust units fell 0.60% to close at Rs 109.64 on the BSE on Tuesday.
- Market significance
- The transaction was described as the largest in India’s REIT market and the country’s second-largest OFS after the LIC stake sale.