Sattva, Blackstone file papers for Rs 6,200 cr REIT IPO

Bengaluru: Sattva and Blackstone backed Knowledge Realty Trust filed a draft offer document for a Rs 6,200 crore initial public offering (IPO) on Thursday.

The IPO will be for what is India’s largest real estate investment trust (REIT) by net operating income or NOI (Rs 4,300 crore) and gross asset value (Rs 60,000 crore), and the second largest in Asia by leasable area.

The portfolio comprises 48 million square feet across 30 Grade A office assets in 6 cities. Almost 95% of the value is concentration in Bengaluru, Hyderabad and Mumbai, said the companies.

The projected NOI growth is 18% compound annual growth rate between the current fiscal (FY25) and FY27.

This will be the fifth public listing of Blackstone India Real Estate business post three REITs and one C-corporation.