Blackstone is offering to sell as much as a quarter of India's Knowledge Realty Trust in a block deal that could fetch more than $1.2 billion, the firm's first major exit from the REIT since its listing a year ago.
The offer structure
The base tranche covers a 16.69% stake, with an upsize option for an additional 8.34% if demand warrants. A floor price of 108 rupees per unit puts the full 25% at 119.88 billion rupees, or roughly $1.26 billion at current rates. Blackstone and its affiliates currently hold 46.51% of the trust.
Portfolio backdrop
Knowledge Realty Trust, sponsored jointly by Blackstone and Indian developer Sattva Group, holds 29 properties spread across six cities. The portfolio carries a gross asset value of 674 billion rupees, per the REIT's own disclosures.
Performance since listing
Units have risen about 10% since the August 2025 debut, a modest advance that leaves the floor price roughly in line with recent trading levels. The offer tests whether public investors will absorb a large block at a slight premium without a meaningful discount.
What to watch
Oversubscription would trigger the greenshoe and push Blackstone's residual holding below 30%, a threshold that often changes the dynamics of REIT governance. The deal also signals whether global private equity can recycle India real estate capital at scale without disturbing the listed vehicle's liquidity.