Knowledge Realty Trust Sets Stage for India’s Largest Office REIT IPO with ₹4,800 Cr Offer
Backed by Blackstone and Sattva, the REIT opens for subscription on August 5 with a price band of ₹95–₹100 per unit; aims to redefine commercial real estate investing with a 46.3 msf Grade A portfolio across six cities
- BILKULONLINE | Ahmedabad | 31 July 2025
- By Rafat Quadri
Ushering in a new chapter in India’s commercial real estate investment landscape, Knowledge Realty Trust, the country’s largest REIT by Gross Asset Value (GAV), announced the launch of its highly anticipated ₹4,800 crore Initial Public Offering (IPO).
The price band for the offer has been fixed at ₹95 to ₹100 per unit, with the issue set to open for subscription on Tuesday, August 05, 2025, and close on Thursday, August 07, 2025.
In a high-powered media interaction held in Ahmedabad on Thursday, the leadership team — Shirish Godbole (CEO), Quaiser Parvez (COO), Sumit Bhartia (Managing Director, Blackstone), Shivam Agarwal (Board Member), Vishal Bangar (Head ECM, HFL Capital Services) and Senthil Kumar (Head – Investor Relations, Knowledge Realty Trust) — provided a compelling overview of the REIT’s strategy, portfolio strength, and long-term investor value proposition.
Speaking about the significance of the launch, Shirish Godbole, Chief Executive Officer of Knowledge Realty Trust, said, “The launch of Knowledge Realty Trust is a significant milestone for India’s office sector. It reflects the operational capabilities and strategic vision of Blackstone and Sattva in building a best-in-class platform tailored to the evolving needs of today’s tenants. We’re excited to enhance India’s growing stature as a global hub for offices and talent.”
Quaiser Parvez, Chief Operating Officer, added, “Our REIT is not just a collection of assets — it’s a strategically curated portfolio built with deep tenant engagement, disciplined development, and a forward-looking leasing strategy. We are confident that our diversified tenant base and pan-India presence across six cities will translate into sustained long-term value for our unitholders.”
Reflecting on Blackstone’s vision and partnership with Sattva Group, Sumit Bhartia, Managing Director at Blackstone, remarked, “We are proud to be launching Knowledge Realty Trust with our long-standing partner Sattva. Blackstone was an early believer in India’s commercial real estate story. This REIT is a culmination of over a decade of focused investing in the sector, and we remain committed to introducing high-quality, yield-generating investment avenues to the Indian market.”
The IPO comprises a fresh issue of units aggregating up to ₹4,800 crore through the Book Building Process, compliant with SEBI’s REIT regulations. Notably, the Anchor Investor bidding will open on Monday, August 04, 2025 — one day prior to the issue opening. The minimum bid size is ₹15,000, with bids allowed for a minimum of 150 units and in multiples thereof, for investors other than Anchor and Strategic Investors.
Upon listing, Knowledge Realty Trust will emerge as India’s most geographically diverse REIT, with a portfolio of 29 Grade A office properties spanning 46.3 million square feet across Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City in Ahmedabad. The assets are leased to a marquee tenant mix comprising multinational firms, global capability centers, and top Indian corporates.
The REIT is sponsored by Sattva Developers Private Limited and BREP Asia SG L&T Holding (NQ) Pte. Ltd., a portfolio company of Blackstone Funds. Axis Trustee Services Limited is the Trustee and Knowledge Realty Office Management Services Private Limited is the Manager.
Lead managers to the issue include Kotak Mahindra Capital, Axis Capital, BofA Securities, ICICI Securities, IIFL Capital Services, JM Financial, Morgan Stanley India, and SBI Capital Markets, while Kfin Technologies Limited is the registrar. The units are proposed to be listed on BSE and NSE.
As India continues its journey to become a global destination for business and technology, the launch of Knowledge Realty Trust’s IPO not only underscores the strength of its office real estate sector but also opens up exciting new possibilities for both institutional and retail investors. With deep-rooted partnerships, a future-ready portfolio, and a robust governance framework, Knowledge Realty Trust is poised to redefine how India invests in real estate.
(Rafat Quadri can be contacted at editorbilkul@gmail.com)
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