Blackstone’s Knowledge Realty Trust OFS subscribed 1.4 times on Day 1

Global investment major Blackstone’s offer to sell 25.03% stake in the listed Real Estate Investment Trust (REIT) Knowledge Realty Trust was subscribed 1.4 times on the first day of bidding on Monday, indicating demand for the real estate investment trust’s units from non-retail investors.

PPFAS Asset Management and 360 ONE Asset Management are among the key investors of the issue, said people familiar with the development.

Blackstone’s plan to sell up to a 25.03% stake in Knowledge Realty Trust through an offer for sale is valued at up to Rs 11,988 crore, which is the largest OFS in Indian private sector. The global investment major will continue to hold a 21.5% stake in the REIT after the stake sale.


The issue received bids for around 93.14 crore units against the offer size of 66.60 crore units, showed BSE data. The subscription stood at 139.85% at the end of the day.

The floor price for the offer has been set at Rs 108 per unit. The units were trading at Rs 110.24 on Monday.

The offering was made to non-retail investors on Monday, while the retail portion is scheduled to open on Tuesday. The subscription data indicates that demand from non-retail investors exceeded the units on offer on the first day itself.

Knowledge Realty Trust, backed by Blackstone and Sattva Group, made its stock market debut in August 2025 after raising Rs 4,800 crore through its public issue, which comprised a fresh issue of units.

The REIT was positioned as India’s largest by gross asset value and net operating income, with Blackstone holding a 55% stake and Sattva the remaining 45% at the time of the Initial Public Offer (IPO). Blackstone was one of the two sponsors of the trust.

The REIT is focused on commercial real estate assets, and its portfolio comprises 29 assets across six cities with total leasable area of 46.5 million sq ft with over 450 tenants.

For the quarter ended June, Knowledge Realty Trust reported a 15% year-on-year increase in both revenue and net operating income (NOI) supported by higher occupancy and robust leasing activity across its portfolio.

The REIT’s revenue rose 15% year-on-year to Rs 1,243.1 crore during the quarter, while net operating income (NOI) increased to Rs 1,111.7 crore. It declared distribution of Rs 751.6 crore, translating into a distribution per unit (DPU) of Rs 1.70, up 5% sequentially.

Knowledge Realty Trust’s portfolio occupancy improved by 100 basis points sequentially to 93%, supported by gross leasing of 1.4 million sq ft during the quarter. Front-office occupiers accounted for over 50% of gross leasing, while existing tenants contributed 58% of new leasing through expansion requirements, reflecting strong occupier retention.

India’s REIT market has expanded rapidly in recent years, with listed trusts providing investors access to income-generating commercial real estate through a regulated structure.

The sector currently comprises six listed REITs spanning office, retail and mixed commercial assets, with institutional investors accounting for a significant share of the investor base.

REITs have also emerged as an important source of capital for developers and property owners, allowing them to monetise completed assets while retaining exposure to their future income streams. With rising office leasing, demand from global capability centres and institutionalisation of commercial real estate, the market has attracted growing investor interest.