Knowledge Realty Trust

What Knowledge Realty Trust does

Knowledge Realty Trust (KRT, NSE: KRT) is India's largest listed office REIT by Gross Asset Value, co-sponsored by Blackstone and Sattva Group and listed on NSE/BSE since August 18, 2025. The trust owns 29 Grade A office assets totaling 46 msf (37.2 msf completed, 2.6 msf under construction, 6.6 msf future development) across six Indian cities—Hyderabad (12.9 msf), Bengaluru (24.5 msf), Mumbai, Chennai, GIFT City Ahmedabad, and Gurugram—plus 63 MW of solar capacity supplying 74% of portfolio energy.

KRT's business model is a pure-play commercial office REIT: it acquires, develops, and manages Grade A office real estate and distributes rental income (net of expenses) to unitholders on a quarterly basis. FY26 total revenue reached INR 4,577.2 crore (16% YoY) and Net Operating Income reached INR 4,048.4 crore (18% YoY), with 92% committed occupancy and 22% embedded mark-to-market potential. The portfolio is 45% rented to Global Capability Centre (GCC) occupiers, with technology, BFSI, and professional services tenants making up the remainder. Tenant acquisition is institutional and lease-driven rather than transactional.

Financially, KRT operates with an 18% LTV ratio, average cost of debt at 7.2% (down from 8.6%), and FY26 standalone net profit of INR 2,390.63 crore. The trust has paid cumulative distributions of INR 2,101.9 crore since its August 2025 listing and is included in the FTSE EPRA Nareit Global REITs Index. Sponsor strength is anchored by Blackstone (45% post-IPO, US$1.2 trillion AUM globally, ~84 msf Indian office footprint) and Sattva Group (35% post-IPO, CRISIL AA rated, 80 msf developed). Forward growth is supported by a 6.7 msf ROFO pipeline from Sattva Developers and INR 700 crore committed to a 1.4 msf Bengaluru development.

Name

Knowledge Realty Trust

Legal name

Knowledge Realty Trust

Website

https://knowledgerealtytrust.com

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Knowledge Realty Trust (KRT) is India's largest listed office REIT by Gross Asset Value, owning 29 Grade A office assets totaling 46 msf across six cities. Co-sponsored by Blackstone and Sattva Group, KRT serves enterprise and GCC tenants and distributes rental income quarterly to unitholders.

Ownership category

akta.pro rank

Product category

Commercial Office REIT

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Office Real Estate Asset Management (BPAJAMAG), Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA), Real Assets — Operating Platforms & Direct Investments (FSAAAKAL)

Keywords

• Commercial office real estate
• Real estate investment trust
• Grade A office leasing
• Commercial property management
• Institutional real estate

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Rental and Lease Income: Knowledge Realty Trust generates revenue through rental income from its portfolio of 29 Grade A office assets across India, with income derived from lease rentals, maintenance charges, and other tenant-related services.
2. Distribution to Unitholders: REIT distributes rental income net of expenses to unitholders on a quarterly basis, with distributions including dividend component, interest, repayment of capital, and other income.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Knowledge Realty Trust owns, operates, and leases a portfolio of 29 Grade A office assets totaling 46 million square feet across six Indian cities. As a listed REIT, it generates recurring rental income from corporate tenants (with 45% of gross rentals from GCC occupiers) and distributes the net income quarterly to unitholders. The portfolio includes large business parks, city-center offices, and integrated renewable energy assets, and is supported by an embedded 22% mark-to-market potential providing rental upside visibility.

Product overview

Knowledge Realty Trust operates as India's largest office REIT by Gross Asset Value (₹674,111 million as of March 31, 2026), offering a unified platform of 29 Grade A office assets totaling 46 million square feet across six Indian cities. The portfolio is organized into city-center offices and business parks, including flagship assets like Sattva Knowledge City in Hyderabad, One BKC in Mumbai, and Cessna Business Park in Bengaluru, with additional renewable energy infrastructure through Solar Assets. The REIT provides institutional-grade commercial real estate investments delivering rental income and distributions to unitholders.

Differentiator

Problem solved

Functional benefit

Products and services

• Knowledge Realty Trust REIT Portfolio A portfolio of 29 Grade A office assets totaling 46 million square feet across six Indian cities (Hyderabad, Mumbai, Bengaluru, Chennai, Ahmedabad, Gurugram), managed as a Real Estate Investment Trust offering stable rental income and quarterly distributions to unitholders.
• Sattva Knowledge City (Hyderabad) One of the largest business parks in HITEC City, Hyderabad, featuring 7.3 million square feet of leasable area with 100% occupancy and best-in-class infrastructure and amenities for GCC and corporate occupiers.
• Sattva Knowledge Park (Hyderabad) A modern business park in HITEC City, Hyderabad, with 3.3 million square feet and 97% occupancy, completed in 2023 with excellent connectivity to metro and residential catchments.
• Sattva Knowledge Capital (Hyderabad) A business park in the Extended IT Corridor-Financial District sub-market in Hyderabad, with 2.3 million square feet and IGBC Platinum certification.
• One BKC (Mumbai) A prominent 0.8 million square feet office development in Mumbai's BKC sub-market with 87% occupancy, hosting front offices of financial institutions and major corporations.
• Cessna Business Park (Bengaluru) The largest asset by leasable area at 4.2 million square feet in Bengaluru's Outer Ring Road, with 94% occupancy and multiple certifications including GRESB 5-star, WELL Gold, and LEED Zero Carbon.
• Sattva Global City (Bengaluru) One of the largest business parks in Bengaluru spread across 78.3 acres with 12.2 million square feet and 81% occupancy, featuring indoor sports facilities, food courts, and a cricket ground; undergoing expansion with a new 1.4 msf block.
• Solar Assets Operational and proposed solar assets with aggregate capacity of 63.0 MW AC (30.8 MW completed plus 32.2 MW under construction), supplying green energy to portfolio assets in Bengaluru and Mumbai and supporting 74% renewable energy share.

Quantifiable outcome

• 18% year-on-year NOI growth to Rs 4,048.4 crore for FY26
• +7 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered supporting and secondary.

• M/s S R B C & Co LLPsupportingOthers · 17 June 2026Appointed as statutory auditors for FY27-FY29 replacing previous auditors. One of the leading audit firms in India.
• iVAS PartnerssupportingOthers · 17 June 2026Appointed as independent valuer for FY27-FY29. Provides valuation services for the REIT's portfolio assets.
• rePurpose GlobalsecondaryStrategic or Co-development Partner · 22 April 2026Partner in Karnataka Zero Waste Initiative along with Sattva Group. This three-year community-led waste management programme builds systems along Karnataka's 320 km coastline, targeting recovery of approximately 4.5 million kg of waste, integration of 50 coastal villages, and support for 200 waste workers. Addresses coastal plastic pollution which accounts for 60% of coastal litter in the region.
• Catalyst Trusteeship LimitedsupportingOthersServes as debenture trustee for KRT's listed NCDs including 7.5378% KRT 2029 and 7.20% KRT 2028 debentures. Located at GDA House, Pune.
• KFin Technologies LimitedsupportingOthersRegistrar for Knowledge Realty Trust. Contact: [email protected], Phone: 022 4962 0337

Scale indicators23 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Boston Properties: Largest publicly-traded developer and owner of Class A office properties in the US, focused on premium urban markets. Comparable to KRT in Grade A office strategy, institutional tenant focus, and REIT structure, though in a mature US market with different demand drivers.
• Nexus Select Trust: India's first listed REIT (retail-focused, Blackstone-sponsored), providing a comparable Indian REIT structure but with retail mall rather than office focus. Useful peer for REIT structure, distribution mechanics, and Indian institutional investor behavior benchmarking.
• Gecina: Leading French office REIT owning Grade A office, residential, and student housing properties in Paris and major French cities. Comparable to KRT as a European office REIT with institutional capital base and focus on prime office assets.
• Hongkong Land: Asia-focused premium office landlord (Jardine Matheson group) with significant portfolio in Hong Kong, Singapore, and mainland China. Comparable to KRT as a high-quality Grade A office landlord serving multinational tenants across Asia, with similar premium positioning strategy.
• CapitaLand Integrated Commercial Trust: Singapore-listed REIT owning Grade A office and integrated commercial properties in Singapore, Australia, and Europe. Comparable to KRT as an Asian commercial REIT with similar tenant quality focus and institutional sponsorship (CapitaLand).

Direct peers

• Embassy Office Parks REIT: India's first and one of the largest listed office REITs, sponsored by Blackstone and Embassy Group. Directly comparable to KRT in asset class (Grade A office), business model (REIT), and tenant base (GCC occupiers). Both are Blackstone-affiliated Indian office REITs competing for the same institutional capital and tenant relationships.
• SL Green Realty: Manhattan's largest office landlord and a self-managed REIT focused on Class A office properties in NYC. Comparable to KRT in office REIT structure, urban Grade A office focus, and institutional tenant base, despite serving a different geography.
• Brookfield India Real Estate Trust: Brookfield-sponsored Indian office REIT focused on Grade A office assets across major Indian cities. Competes with KRT for institutional capital, GCC tenants, and acquisition opportunities in India's commercial office market.
• Mindspace Business Parks REIT: K Raheja Corp-sponsored Indian office REIT listed on NSE/BSE, owning Grade A office parks across Mumbai, Hyderabad, Bengaluru, Chennai, and Pune. Direct peer to KRT in office REIT category, geographic markets, tenant segments, and REIT structure.

Regional players

• Dexus: Australian-listed REIT focused on premium office properties in Sydney, Melbourne, Brisbane, and Perth. Comparable to KRT as a Grade A office REIT in Asia-Pacific serving multinational tenants, though serving Australian rather than Indian markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Knowledge Realty Trust