Blackstone to sell up to 25% stake worth Rs 11,988 crore in Knowledge Realty Trust

World's largest alternative asset manager Blackstone is set to sell up to 25.03% stake in Knowledge Realty Trust through an offer for sale (OFS), with the maximum stake on offer valued at Rs 11,988 crore at the floor price of Rs 108 per unit, according to an exchange filing submitted by the trust on Friday, August 28.

The offer is being undertaken to achieve the minimum public unitholding of the Trust prescribed under Regulation 14(2A) of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, as amended, according to the filing.

The sale comprises a base offer of up to 740 million units, representing 16.69% of the unit capital of the real estate investment trust (REIT), the filing said. The sellers have an option to sell an additional 370 million units, representing 8.34% of the unit capital, in case of oversubscription.


If the oversubscription option is fully exercised, the total units offered will rise to 1.11 billion, representing 25.03% of the unit capital of Knowledge Realty Trust.

The OFS is being undertaken by BREP Asia SG L&T Holding (NQ) Pte. Ltd., BREP Asia SG DRPL Holding (NQ) Pte. Ltd., BREP Asia II Indian Holding Co IV (NQ) Pte. Ltd. and BREP Asia II Indian Holding Co VII (NQ) Pte. Ltd., which are sponsor group members of the Trust, the exchange filing said. Blackstone and its related entities currently hold 46.51% in Knowledge Realty Trust, according to the filing.

The offer will take place over two trading days through a separate window of the BSE and NSE. For non-retail investors, the OFS will open on August 31, 2026, or T Day, at 9:15 a.m. and close at 3:30 p.m. on the same day.

Retail investors and non-retail investors who choose to carry forward their unallotted bids will be able to participate on September 1, 2026, or T+1 Day. Non-retail investors placing bids on T Day can indicate their willingness to carry forward unallotted bids to T+1 Day for allocation in the unsubscribed portion of the retail category, the filing said.

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The sellers will inform the stock exchanges after trading hours on T Day whether they intend to exercise the oversubscription option.

Knowledge Realty Trust units were last quoted at Rs 113.41, up 0.19%, on the NSE. Its market capitalisation stood at Rs 50,281.66 crore. Knowledge Realty Trust was listed on the stock exchanges on August 18, 2025, after raising Rs 4,800 crore through its initial public offering (IPO).

The units made their debut at Rs 103 on the NSE and Rs 104 on the BSE against the issue price of Rs 100 per unit. The units have gained about 10% since their August 2025 listing.

Knowledge Realty Trust portfolio

Knowledge Realty Trust is backed by Blackstone and Indian real estate firm Sattva Group. The Trust owns 29 Grade A office assets with a total area of 46 million square feet as of March 31, 2026. This includes 37.2 million square feet of completed area, 2.6 million square feet under construction and 6.6 million square feet of future development area.

The Trust's gross asset value stood at Rs 6,74,111 million, or about Rs 67,411.1 crore, as of March 31, 2026.

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