Blackstone Entities Launch Knowledge Realty Trust OFS

MUMBAI — Sponsor group entities of Blackstone Real Estate Partners Asia announced on Friday, August 28, 2026, a proposed offer for sale (OFS) to divest up to 25.03 percent of their unit capital in Knowledge Realty Trust.

The sellers set a floor price of ₹108 per unit for the transaction, which will take place across stock exchanges on August 31 and September 1, 2026. The divestment aims to achieve minimum public unitholding requirements under real estate investment trust (REIT) regulations established by the Securities and Exchange Board of India (SEBI). The transaction represents a major institutional liquidity event in India’s commercial real estate market.

Structure of the Offer for Sale and Oversubscription Option

According to the official notice filed with stock exchanges, four sponsor group entities—BREP Asia SG L&T Holding (NQ) Pte. Ltd., BREP Asia SG DRPL Holding (NQ) Pte. Ltd., BREP Asia II Indian Holding Co IV (NQ) Pte. Ltd., and BREP Asia II Indian Holding Co VII (NQ) Pte. Ltd.—will execute the sale.

The offer structure comprises two primary tranches:

• Base Offer: 740,000,000 units, representing 16.69 percent of total unit capital.

• Oversubscription Option: Up to 370,000,000 additional units, representing 8.34 percent of unit capital.

If the oversubscription option is fully exercised, the total sale will reach 1,110,000,000 units, totaling 25.03 percent of the REIT's unit capital. At the floor price of ₹108 per unit, the base offer is valued at ₹7,992 crore, while the full offer size could reach ₹11,988 crore.

Offer Timelines and Category Allocations

The bidding will take place on a dedicated stock exchange window provided by BSE Limited and the National Stock Exchange of India Limited.

Bidding for non-retail investors opens on Monday, August 31, 2026 ("T Day"), between 9:15 a.m. and 3:30 p.m. IST. Non-retail bidders may choose to carry forward unallotted bids to the second day. Bidding for retail investors—defined as individual investors placing aggregate bids up to ₹200,000—opens on Tuesday, September 1, 2026 ("T+1 Day").

Under the allotment methodology, at least 10 percent of the offer units are reserved for retail investors, while a minimum of 25 percent is allocated to mutual funds and insurance companies. Retail investors may bid at the floor price or opt for the cut-off price determined on T Day. IIFL Capital Services Limited serves as the settlement broker, with BSE designated as the primary stock exchange for the process.

Regulatory Compliance and Market Impact

The offer for sale is being executed to comply with Regulation 14(2A) of the SEBI (Real Estate Investment Trusts) Regulations, 2014, which mandates minimum public unitholding thresholds for listed REITs.

Only investors meeting SEBI's definition of "public" are eligible to bid, barring non-public entity participation. For institutional investors and capital markets, the sale provides secondary market liquidity and broadens public ownership in Knowledge Realty Trust.

Official Sources Section

According to official regulatory filings submitted to BSE Limited (Scrip Code: 543210) and the National Stock Exchange of India Limited on August 28, 2026, by authorized signatory Siow Thien Soong on behalf of the Blackstone sponsor group entities, the offer for sale will proceed under SEBI OFS guidelines. Further regulatory framework updates remain accessible via the Securities and Exchange Board of India.

Quote Section

"According to officials from the selling entities, the offer for sale of up to 1,110,000,000 units of Knowledge Realty Trust is being undertaken to achieve minimum public unitholding as prescribed under SEBI REIT regulations, with a floor price fixed at ₹108 per unit."

Why It Matters

The divestment increases the public float of Knowledge Realty Trust, enabling compliance with Indian capital market regulations while providing retail and institutional investors access to commercial real estate assets. The floor price of ₹108 per unit sets a valuation benchmark for secondary transactions in institutional REIT holdings.

Key Facts at a Glance

• Floor Price: ₹108 per unit.

• Base Offer Size: 740,000,000 units (16.69% unit capital).

• Oversubscription Option: 370,000,000 units (8.34% unit capital).

• Total Potential Stake Sale: 25.03% (1,110,000,000 units).

• Bidding Dates: August 31, 2026 (Non-Retail) and September 1, 2026 (Retail).

Frequently Asked Questions

What is the floor price set for the Knowledge Realty Trust OFS?

The sellers established a floor price of ₹108 per unit for the offer for sale.

Who are the sellers in the Knowledge Realty Trust OFS?

The sellers are four Blackstone sponsor group entities: BREP Asia SG L&T Holding (NQ) Pte. Ltd., BREP Asia SG DRPL Holding (NQ) Pte. Ltd., BREP Asia II Indian Holding Co IV (NQ) Pte. Ltd., and BREP Asia II Indian Holding Co VII (NQ) Pte. Ltd.

What percentage of Knowledge Realty Trust is being sold?

The base offer covers 16.69 percent of unit capital, with an oversubscription option of 8.34 percent, bringing the potential total sale to 25.03 percent.

When can retail investors bid in the OFS?

Retail investors can place bids on September 1, 2026 (T+1 Day), between 9:15 a.m. and 3:30 p.m. IST.

Source: Official exchange filing submitted to BSE Limited and National Stock Exchange of India Limited on August 28, 2026.