Blackstone Sells Knowledge Realty Trust Stake for $1.25 Billion

Blackstone Inc. is selling a stake of up to 25.03% in India's Knowledge Realty Trust through an offer for sale valued at as much as $1.25 billion. The transaction involves the sale of up to 11.1 million units, with non-retail investors eligible to participate on August 31 and retail investors on September 1.

The floor price for the units is set at 108 rupees, which represents a 4.7% discount to the previous Friday's close and a 13% discount to the trust's net asset value. The base deal is valued at approximately 79.9 billion rupees, or $838 million, with an additional greenshoe option of 39.96 billion rupees.

If the greenshoe option is fully exercised, Blackstone's ownership will decrease from 46.5% to 21.5%. This shift would position its joint venture partner, Sattva Group, as the largest shareholder with a 32% stake. Knowledge Realty Trust currently manages 29 business corporate parks across six cities in India.