Blackstone Inc. will sell up to $1.25 billion in shares of Knowledge Realty Trust, marking its largest real estate stake sale of the year. The transaction involves up to 11.1 million units, representing a 25.03% stake in the India-focused real estate investment trust.
The base deal is priced at approximately 79.9 billion rupees ($838 million), with an additional greenshoe option of 39.96 billion rupees. The floor price is set at 108 rupees per unit, a 4.7% discount to Friday’s closing price and a 13% discount to the trust’s net asset value.
The sale is scheduled over two days: August 31 for non-retail investors and September 1 for retail investors. If the greenshoe option is fully exercised, Blackstone’s stake in Knowledge Realty Trust would decline from 46.5% to 21.5%, while Sattva Group, Blackstone’s joint venture partner, would become the largest shareholder with a 32% stake.
