Sellers of Knowledge Realty Trust have completed their offer for sale, offloading 1,110,000,000 units to satisfy the regulatory minimum public unitholding (MPU) requirement. The transaction was executed on August 31 and September 1, 2026, with an average selling price ranging between ₹108.77 and ₹109.06 per unit.

The intimation was filed with the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE) on September 2, 2026. The sale reduced the sponsor group’s stake significantly while bringing public ownership above the mandated 25% threshold under SEBI regulations.

Offer Completion and MPU Achievement

The offer for sale (OFS) was undertaken by 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.

Pursuant to the sale, the Trust has complied with Regulation 14(2A) of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. The total units sold represented 25.03% of the unit capital. The aggregate value of the transactions, excluding taxes and brokerage, amounted to approximately ₹1,20,874 crore across all sellers.

Updated Unitholding Pattern

The completion of the OFS has materially altered the unitholding structure. The sponsor and sponsor group’s holding decreased from 78.56% to 53.52%, while public unitholders’ stake rose from 21.44% to 46.48%.

Specifically, BREP Asia SG DRPL Holding and BREP Asia II Indian Holding Co IV exited their positions entirely, selling all held units. BREP Asia SG L&T Holding reduced its stake from 12.75% to 7.50%, while BREP Asia II Indian Holding Co VII decreased its holding from 8.11% to 3.60%.

The official holding pattern reflecting these changes will be filed separately in accordance with regulatory timelines.

Regulatory Framework

The transaction adhered to the master circular for stock exchanges and clearing corporations (SEBI/HO/MRD-PoD2/CIR/P/2024/00181 dated December 30, 2024). It also complied with the "Revised Operational Guidelines for Offer for Sale (OFS) Segment" issued by BSE Limited (notice no. 20240701-19 dated July 01, 2024) and the "Revised operating guidelines of Offer for Sale" issued by NSE (circular no. 25/2026 dated February 24, 2026).

The OFS served as a permissible method under Chapter 17 of the master circular (SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated July 11, 2025) for achieving minimum public unitholding in REITs.

Blackstone Group has announced plans to sell up to $1.25 billion worth of its stake in Knowledge Realty Trust . The move signals a major exit strategy for the global private equity giant from one of its key Indian real estate investments.

The transaction involves the disposal of a substantial portion of Blackstone’s holdings, reflecting broader portfolio rebalancing efforts within the firm’s emerging markets division. Knowledge Realty Trust, one of India’s largest real estate investment trusts by asset value, will see a significant change in its shareholder structure following this deal.

Transaction Details

The sale value of $1.25 billion underscores the scale of Blackstone’s initial investment and the appreciation in the underlying commercial real estate assets held by the trust. While specific terms regarding the buyer or the timeline for closure were not detailed in the report, the magnitude of the stake suggests a strategic divestment rather than a partial liquidity raise.

Market Implications

For Knowledge Realty Trust, the exit of a dominant anchor investor like Blackstone could lead to increased volatility in its unit trading price in the short term. However, it also opens avenues for new institutional investors to enter the trust, potentially bringing fresh capital and strategic direction.

What the Numbers Show

The sheer size of the $1.25 billion stake indicates that Blackstone likely holds a controlling or near-controlling interest in the trust. This level of exposure highlights the concentration risk for investors who relied on Blackstone’s active management and balance sheet strength as a stabilizing factor for the REIT’s performance and distribution consistency.