Blackstone is set to raise around $1.3 billion from its investment in India’s commercial real estate sector after selling part of its stake in Knowledge Realty Trust, a real estate investment trust backed by Blackstone and Sattva Group. The offering was reportedly fully subscribed and subsequently upsized, highlighting strong investor demand for India’s commercial property market.
The sale could reduce Blackstone’s holding in Knowledge Realty Trust from approximately 46.5% to 21.5%, while Sattva Group would become the trust’s largest shareholder with around 32%. The trust owns 29 properties across six Indian cities, making it a significant player in the country’s commercial real estate landscape.
The transaction was offered at a floor price of ₹108 per unit, representing a discount to both the previous market price and the trust’s net asset value. Despite the discount, strong demand enabled the offering to reach its larger size.
For Blackstone, the deal provides substantial liquidity that can potentially be redeployed into new investments. At the same time, the firm will continue to retain significant exposure to India’s growing commercial real estate market.
The transaction reflects continued institutional interest in Indian office and commercial properties and highlights the growing role of REITs in attracting large-scale investment into India’s real estate sector.
