CCI Greenlights Knowledge Realty’s Acquisition of Blackstone, Sattva Entities Ahead of ₹6,200 Cr IPO

The Competition Commission of India (CCI) has approved the acquisition of multiple entities by Knowledge Realty Trust (KRT), a REIT sponsored by Blackstone and Bengaluru-based Sattva Group. The deal includes companies owned individually by Blackstone and Sattva, as well as jointly held entities.

KRT is managed by Knowledge Realty Office Management Services, a Sebi-registered REIT platform focused on income-generating commercial real estate assets. The clearance comes ahead of KRT’s much-anticipated IPO, through which it aims to raise over ₹6,200 crore. Draft papers were filed with Sebi in March as part of its plan to monetise a 30-asset portfolio of prime office spaces.

The acquisition targets span both commercial real estate and renewable energy sectors in India, according to the CCI. Once listed, KRT is set to become the country’s largest REIT by Net Operating Income (NOI) and Gross Asset Value, estimated at around ₹60,000 crore.

KRT’s portfolio comprises 48 million sq ft of office space, with 37 million sq ft already completed. The assets span six major Indian cities, making it the most geographically diverse office REIT in the country. Nearly 90% of its portfolio is leased—76% to multinational corporations and 45% to Global Capability Centres (GCCs).

This public listing will mark Blackstone’s fifth major real estate move in India, following its three REIT listings and one by Ventive Hospitality. Blackstone remains one of the largest foreign investors in India’s real estate sector.

Sattva Developers, the co-sponsor, has developed 74 million sq ft across seven cities, including projects in commercial, residential, co-living, hospitality, and data centre verticals. An additional 75 million sq ft is under development or planning.

India currently has four listed REITs: Embassy Office Parks, Brookfield India Real Estate Trust, Mindspace Business Parks, and Nexus Select Trust. While Nexus is retail-focused, the rest, including the upcoming KRT listing, are anchored in rent-yielding office spaces.