Knowledge Realty Trust Raises ₹1,400 Cr in Pre-IPO Round, Paving Way for REIT Listing
Knowledge Realty Trust, sponsored by Sattva Group and Blackstone, has successfully raised ₹1,400 crore from investors ahead of its maiden REIT public issue. The REIT aims to list on stock exchanges and monetize its prime office assets across major cities.
ReitReal EstateSattva GroupBlackstoneIpoReal EstateJun 19, 2025
In early March, KRT filed the Draft Red Herring Prospectus (DRHP) with SEBI to launch an Initial Public Offering (IPO) aimed at raising ₹6,200 crore. The proceeds will be used to list the REIT on stock exchanges and monetize its 30 prime office assets spread across major cities in India.
KRT is poised to become the largest REIT in India in terms of Net Operating Income (NOI) and Gross Asset Value, estimated at around ₹60,000 crore. The trust’s total portfolio encompasses 48 million square feet, with 37 million square feet already completed, making it India's most geographically diverse Office REIT.
Currently, there are four listed REITs in India: Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. KRT will join this elite group, further diversifying the Indian REIT market. Apart from Nexus Select Trust, which focuses on retail real estate, the other three REITs are backed by rent-yielding office assets.
This will mark the fifth public listing of Blackstone India Real Estate business, which includes three listed REITs and one of Ventive Hospitality. KRT's portfolio is spread across 30 Grade A office assets in six major cities, with 90% of the space leased to marquee tenants. Notably, 76% of the tenants are multinational corporations (MNCs), and 45% are Global Capability Centres (GCCs).
Sattva Developers, a key sponsor of KRT, has a robust track record in the Indian real estate market. The company has constructed 74 million square feet across seven Indian cities, spanning commercial, residential, co-living, co-working, hospitality, and data center sectors. Additionally, Sattva has 75 million square feet in planning and implementation stages.
Blackstone, a leading global investment firm, has a significant presence in the Indian real estate market. The two sponsors have adopted a brand-neutral strategy to grow the KRT portfolio through third-party acquisitions, further enhancing the REIT’s market position.
The existing four REITs in India have a combined portfolio of over 126 million square feet of Grade A office and retail space. Since their inception, these REITs have collectively distributed over ₹21,000 crore to unitholders, highlighting the strong performance and investor returns in the sector.
According to Vestian's latest report, nearly 60% of pan-India office stock is REIT-worthy across the top seven cities, indicating a significant opportunity for further growth and development in the Indian REIT market. KRT’s successful pre-IPO round is a promising step towards capitalizing on this potential and solidifying its position as a leading REIT in India.
Frequently Asked Questions
What is Knowledge Realty Trust (KRT)?
Knowledge Realty Trust (KRT) is a real estate investment trust (REIT) sponsored by Sattva Group and Blackstone. It aims to list on stock exchanges and monetize its 30 prime office assets across major cities in India.
How much did KRT raise in the pre-IPO round?
KRT successfully raised ₹1,400 crore in the pre-IPO round from family offices and high net worth individuals.
What is the total portfolio of KRT?
KRT's total portfolio is 48 million square feet, with 37 million square feet already completed, spread across 30 Grade A office assets in six major cities.
Who are the sponsors of KRT?
The sponsors of KRT are Sattva Group and Blackstone, both well-established entities in the real estate and investment sectors.
What is the strategy for growing KRT's portfolio?
KRT has adopted a brand-neutral strategy to grow its portfolio inorganically through third-party acquisitions, aiming to further diversify and enhance its market position.
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