Knowledge Realty Trust (KRT), a joint venture between Sattva Group and Blackstone, filed its Draft Red Herring Prospectus (DRHP) with SEBI on Thursday to launch a REIT public issue targeting over Rs 6,200 crore. This initial public offering (IPO) aims to list KRT on stock exchanges, leveraging a portfolio of 30 prime office assets to position it as India’s largest REIT by Net Operating Income (NOI) and Gross Asset Value, estimated at Rs 60,000 crore.

KRT’s portfolio spans 48 million square feet, with 37 million square feet completed, across six major cities, making it the most geographically diverse office REIT in India. Ninety percent of the space is leased, with 76% occupied by multinational corporations and 45% by Global Capability Centres. Sattva Group, having developed 74 million square feet across multiple sectors, partners with Blackstone, a global investment leader, to drive this initiative. The sponsors plan to expand KRT’s holdings through third-party acquisitions.

This will be Blackstone’s fifth REIT listing in India, following Embassy Office Parks, Mindspace Business Parks, Nexus Select Trust, and Ventive Hospitality. India’s four current REITs manage over 126 million square feet and have distributed more than Rs 21,000 crore to unitholders. KRT’s entry is expected to enhance liquidity in the real estate sector. Its pertinent to note that over 60% of India’s office stock is REIT-eligible, with regulatory improvements and strong returns driving further expansion.