Institutional Confidence in India’s Office Market as Knowledge Realty Trust Files for Largest REIT IPO
Sattva Developers and Blackstone Inc. have officially filed for the Knowledge Realty Trust REIT IPO, which is expected to be India’s largest public real estate investment trust listing to date. At a time when global commercial real estate markets face declining demand, this $3 billion IPO reflects strong institutional confidence in India’s premium office space sector.
A $4.5 Lakh Crore Bet on India’s Grade A Office Boom
Unlike the United States and Europe, where rising vacancies and remote work trends have slowed office leasing, India’s commercial office space sector continues to attract global capability centers (GCCs), multinational corporations, and major technology firms. The Knowledge Realty Trust portfolio spans 48 million sq. ft. across six cities, making it India’s most geographically diverse REIT.
The REIT’s assets include 30 Grade A office parks, with 95% of the total valuation concentrated in Bengaluru, Hyderabad, and Mumbai, the country’s top three corporate real estate hubs. The trust boasts a 90% leased portfolio, with 76% of tenants being multinational corporations and 45% from the GCC sector, ensuring high rental stability and steady cash flows for investors.
Knowledge Realty Trust: A New Competitor in India’s Institutional Real Estate Market
The Knowledge Realty Trust REIT is set to compete with Embassy Office Parks REIT, Mindspace Business Parks REIT, and Brookfield India REIT, making it a key player in the $25 billion Indian REIT market.
Blackstone’s previous successes with Embassy REIT, Mindspace REIT, and Nexus Select Trust have demonstrated the potential of India’s listed office space sector. With the addition of Knowledge Realty Trust, Blackstone is cementing its fifth public real estate listing in India.
Strategic Portfolio of High-Demand Office Assets
The REIT’s largest assets include:
- Sattva Knowledge City (Hyderabad) – 7.3 million sq. ft.
- Sattva Knowledge Park (Bengaluru) – 3.3 million sq. ft.
- One BKC (Mumbai) – 0.7 million sq. ft.
- Cessna Business Park (Bengaluru) – 4.2 million sq. ft.
- Sattva Softzone (Bengaluru) – 1.0 million sq. ft.
- One World Centre (Mumbai) – 1.7 million sq. ft.
- One Unity Centre (Mumbai) – 1.0 million sq. ft.
- One International Centre (Mumbai) – 1.8 million sq. ft.
- Image Tower (Hyderabad) – 400 feet tall, under construction
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