Blackstone Inc. announced plans to sell up to 11.1 million units in Knowledge Realty Trust, representing a 25.03% stake valued at up to $1.25 billion. The transaction marks the largest of its kind for Blackstone in 2024.
The offering is priced at a minimum of 108 rupees per unit, a 4.7% discount to the closing price on August 30. The sale also reflects a 13% discount to the trust’s net asset value. Retail investors may participate starting September 1, while non-retail investors can subscribe from August 31.
The base deal is valued at approximately 79.9 billion rupees ($838 million), with a greenshoe option allowing for an additional 39.96 billion rupees ($412 million) in proceeds. If fully exercised, Blackstone’s stake would decline from 46.5% to 21.5%, while joint venture partner Sattva Group would assume a 32% holding, becoming the largest shareholder.
The offering follows Blackstone’s strategy of monetizing real estate assets in India, where the firm has expanded its footprint in recent years.
