India’s Knowledge Realty Trust has filed for an initial public offering (IPO) worth ₹6,200 crore ($711 million), which could become the largest real estate investment trust (REIT) listing in the country. The REIT is backed by Blackstone Inc. and Sattva Developers Pvt. and has office properties in major Indian cities, including Bengaluru, Mumbai, Hyderabad, and Chennai.
Proceeds from the IPO will primarily be used to settle debt. India has been experiencing heightened interest in selling equities, and REITs have been gaining popularity due to the fact that they have the potential to generate good returns. India currently has four listed REITs like Brookfield India and Embassy Office Parks.
It’s India’s largest REIT in terms of gross asset value, as a draft red herring prospectus filed with India’s securities regulator shows. It had a committed occupancy rate of 89.9% in December and a net operating income of around ₹2,900 crore ($333 million) in the latest financial year.
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Source: Moneycontrol.
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