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Sattva Developers and Blackstone-backed Knowledge Realty Trust on March 6 filed the draft offer documents with market regulator SEBI to launch its maiden REIT public issue to raise more than ₹6,200 crore, as per the draft offer document filed.
This will be the second largest REIT in Asia by size and the largest in India based on the gross asset value.
KRT plans to raise around ₹6,200 crore through REIT-IPO, according to its DRHP.
KRT’s total portfolio is 48 million sq ft (37 million square feet completed) across 30 Grade A office assets across six major cities, making it India’s most geographically diverse Office REIT, it said.
Knowledge Realty Trust (KRT) has filed the Draft Red Herring Prospectus (DRHP) with SEBI to launch Initial Public Offering (IPO) and list the REIT on stock exchanges, as part of its strategy to monetise its 30 prime office assets across major cities totalling 48.1 m sq ft which includes 37.1 m sq ft of completed area, 2.8 mn sq ft of under construction area and 8.2 mn sq ft of future development area, it said.
Of the total portfolio, 90 per cent is leased with marquee tenants – 76 per cent with MNCs and 45 per cent with GCCs (Global Capability Centres), it said
The portfolio is spread across Hyderabad, Mumbai, Bengaluru, Chennai, Gift City Ahmedabad and Gurugram, the document showed.
KRT will be the largest REIT in India in terms of Net Operating Income (NOI) and Gross Asset Value which is estimated at around ₹60,000 crore, it said.
REITs in India
At present, there are four listed REITs in India — Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. The existing four REITs have a combined portfolio of over 126 million square feet of Grade A office and retail space across the country. Since their inception, these REITs have collectively distributed over ₹21,000 crore to unitholders.
Apart from Nexus Select Trust, the other three REITs are backed by rent-yielding office assets. Nexus owns a large portfolio of retail real estate spaces.
This will be the fifth public listing of Blackstone India Real Estate business, including three listed REITs and one of Ventive Hospitality.
Sattva Developers has so far constructed 74 million square feet across seven Indian cities in commercial, residential, co-living, co-working, hospitality, and data center sectors. An additional 75 million square feet area is in planning and implementation.
Blackstone, is one of the leading global investment firms, with massive exposure in the Indian real estate market.
With inputs from PTI
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