Blackstone sells up to $1.3 billion in India real estate trust shares

Blackstone Inc. has sold up to $1.3 billion worth of shares in Knowledge Realty Trust, an Indian real estate investment trust. The transaction, which included participation from both institutional and retail investors, represents the largest share sale by a private shareholder in India using this specific method.

Knowledge Realty Trust manages 29 properties across six Indian cities. Following the sale, Sattva Group is expected to become the largest shareholder with a 32% stake, while Blackstone retains a 5% stake and continues to play a role in the trust’s direction. The sale was completed at a 7% discount to the previous trading price and 13% below net asset value, a move intended to allow Blackstone to recycle capital and reallocate it into new investment opportunities.