Blackstone Inc., an alternative asset manager, in collaboration with Bengaluru-based Sattva Group have filed the draft red herring prospectus (DRHP) for their Real Estate Investment Trust (REIT)-Knowledge Realty Trust (KRT). The proposed Rs 7,000 crore issuance is expected to become the largest REIT offering in India by net operating income (NOI) and gross asset value (GAV). The REIT's portfolio is expected to comprise approximately 48-50 million sq ft of commercial office space in Mumbai, Bengaluru,Hyderabad, and Pune. Blackstone will hold a 55% equity stake in the REIT, with Sattva Group retaining the remaining 45%. The IPO aims to raise Rs 6,200 crore, with a portion of the proceeds allocated to repaying existing debt and funding future acquisitions. The REIT's projected net operating income (NOI) for FY26 is expected to be Rs 2,652 crore, rising to Rs 2,946 crore by FY27. The remaining Rs 800 crore from the total issue size will be utilized for general corporate purposes and issue-related expenses, including underwriting fees, listing fees, regulatory cost (GCCs). The IPO is being managed by Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, ICICI Securities, IIFL Capital, JM Financial, Morgan Stanley India, and SBI Capital Markets. The Knowledge Realty Trust is sponsored by BREP Asia SG L&T Holding (NQ)(Blackstone Sponsor) and Sattva Developers. The issue will constitute at least a minimum percentage of the total outstanding units on a post-issue basis, ensuring broad market participation.
 

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