(Reuters) – A joint venture between Blackstone Inc and India’s Sattva Group filed a draft prospectus on Thursday for the country’s largest real estate investment trust (REIT) initial public offering, aiming to raise up to 62 billion rupees ($712.55 million).
The joint venture, Knowledge Realty Trust, is 55% owned by Blackstone, while Sattva holds a 45% stake, according to the draft prospectus.
India’s Sattva Group is a real estate conglomerate headquartered in the south Indian city of Bengaluru and has operations across seven cities in the country, according to its website.
Bank of America, Morgan Stanley amongst others were the bookrunners for the listing.
In December 2023, Blackstone exited its investment of about $833 million in India’s first publicly listed REIT Embassy Office Parks.
($1 = 87.0110 Indian rupees)
(Reporting by Harshita Meenaktshi and Haripriya Suresh; Editing by Vijay Kishore)
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