Sattva, Blackstone-backed REIT raises ₹1,400 crore in pre-IPO funding

Knowledge Realty Trust, sponsored by real estate company Sattva Group and Blackstone, has raised Rs 1,400 crore from investors ahead of its maiden REIT public issue.
In early March, Knowledge Realty Trust (KRT) filed the Draft Red Herring Prospectus (DRHP) with SEBI to launch an Initial Public Offering (IPO) for raising Rs 6,200 crore and list the REIT on stock exchanges. This is part of its strategy to monetise its 30 prime office assets across major cities.
According to sources, the KRT has raised Rs 1,400 crore in a pre-IPO round from family offices and high net worth individuals.
KRT will be the largest REIT in India in terms of Net Operating Income (NOI) and Gross Asset Value, which is estimated at around Rs 60,000 crore.
At present, there are four listed REITs in India -- Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust.
Apart from Nexus Select Trust, the other three REITs are backed by rent-yielding office assets. Nexus owns a large portfolio of retail real estate spaces.
This will be the fifth public listing of Blackstone India Real Estate business, including three listed REITs and one of Ventive Hospitality.
KRT's total portfolio is 48 million sq ft (37 million square feet completed) across 30 Grade A office assets across six major cities, making it India's most geographically diverse Office REIT.
Of the total portfolio, 90 per cent is leased with marquee tenants - 76 per cent with MNCs and 45 per cent with GCCs (Global Capability Centres).
Sattva Developers has so far constructed 74 million square feet across seven Indian cities in commercial, residential, co-living, co-working, hospitality, and data centre sectors. An additional 75 million square feet is in planning and implementation.
Blackstone, one of the leading global investment firms, has a huge exposure in the Indian real estate market.
The two sponsors have decided to adopt brand brand-neutral strategy to grow the KRT portfolio inorganically through third-party acquisitions.
The existing four REITs have a combined portfolio of over 126 million square feet of Grade A office and retail space across the country. Since their inception, these REITs have collectively distributed over Rs 21,000 crore to unitholders.
According to Vestian's latest report, nearly 60 per cent of pan-India office stock is REIT-worthy across the top seven cities.

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