Blackstone Sells Up to $1.3 Billion Stake in India Real Estate Investment Trust
Blackstone has sold up to a 25% stake in Knowledge Realty Trust, an Indian real estate investment trust it co-owns with local partner Sattva Group, for approximately $1.3 billion through a public offering. The deal was fully subscribed and upsized after strong investor demand, marking the largest private shareholder share sale of its kind in India. Blackstone's stake will decrease from 46.5% to around 21.5%, while Sattva Group becomes the trust’s largest shareholder at 32%. Knowledge Realty Trust owns 29 properties across six Indian cities and has gained about 10% since listing last August. The transaction allows Blackstone to recycle capital after realizing gains on its investment, enabling it to redeploy funds into new opportunities. However, the sale was executed at a discount—4.7% below the prior close price and 13% under net asset value—which reduced potential returns for Blackstone. The firm also cedes influence over decision-making in Knowledge Realty Trust as Sattva Group now holds the largest stake.
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Topics: Blackstone capital recycling India real estate investment monetization Knowledge Realty Trust