India's largest office REIT to launch ₹6,200 crore IPO | What we know so far

Knowledge Realty Trust claims to be the largest office REIT in India based on gross asset value.

Published on: Mar 7, 2025, 14:06:37 IST

By HT News Desk

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Knowledge Realty Trust, which claims to be India's largest office real estate investment trust (REIT), has sought approval to list its shares on the stock exchanges to raise ₹6,200 crore, according to Bloomberg.

The Blackstone-backed REIT is planning to raise ₹6,200 crore via the IPO. (Pexels)

Backed by Blackstone and Sattva Developers, Knowledge Realty's IPO is likely to be India's largest REIT listing.

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The company, which is managed by Knowledge Realty Office Management Services, boasts offices in cities like Bengaluru, Mumbai, Hyderabad and Chennai. It says it is India's largest office REIT based on gross asset value of ₹59,445 crore as of September 2024. It also recorded net operating income of ₹1,632.4 crore in the April-September 2024 period.

Manager Knowledge Realty Office Management Services, on behalf of the Knowledge Realty Trust, reportedly intends to invest ₹5,800 crore from the IPO proceeds in the asset SPVs (special purpose vehicles) and the investment entities, towards the repayment of debt.

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The total outstanding net borrowings availed by the asset SPVs and investment entities was ₹20,197.4 crore as of September 2024.

Shares of Knowledge Realty Trust are proposed to be listed on BSE and NSE.

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The book running lead managers handling the public issue are Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, ICICI Securities, IIFL Capital Services, JM Financial, Morgan Stanley India Company, and SBI Capital Markets.

India is emerging as a key market for equity sales and REITs are gaining popularity due to their potential to generate attractive returns. There are currently four listed REITs in India, including Brookfield India and Embassy Office Parks, according to Bloomberg.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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