Blackstone sells $1.25B stake in India’s Knowledge Realty Trust in largest REIT sell-down this year
Blackstone is offering up to $1.25 billion in units of India’s Knowledge Realty Trust at a 4.7 per cent discount to Friday’s close. The deal could reduce the US private equity giant’s stake to as low as 21.5 per cent from 46.5 per cent, handing control to partner Sattva Group.
Private equity giant Blackstone is offering to sell as much as $1.25 billion in units of India’s Knowledge Realty Trust, in the country’s largest REIT sell-down of the year, according to a filing. The offer runs to 31 August for institutional investors and 1 September for retail investors.
The base deal is sized at INR 79.9 billion ($837.4 million), with a floor price of INR 108 per unit, a 4.7 per cent discount to Friday’s close. Blackstone’s stake will fall to as low as 21.5 per cent from 46.5 per cent if the greenshoe is exercised, handing top ownership to partner Sattva Group at 32 per cent.
Elsewhere in the Asia-Pacific region, China’s Fosun International has applied to spin off ClubMed Lifestyle, its all-inclusive resort and vacation services unit, for a separate listing on the Hong Kong stock exchange’s main board. Fosun will remain the parent of ClubMed Lifestyle after the offering completes, and existing shareholders will get preferential access to shares under an assured entitlement scheme, the filing said.
In South Korea, Hanwha is selling its four-star Courtyard by Marriott Suwon hotel to ARA Korea Asset Management for KRW 100 billion ($72.8 million). ARA Korea set up a new private fund to finance the purchase, and proceeds will help fund a rights offering at affiliate Hanwha Solutions.
Nippon Prologis REIT has agreed to sell Prologis Park Joso, a logistics facility in Joso, Japan’s Ibaraki prefecture, for JPY 8.7 billion ($54.5 million). The sale will close in two tranches of 50 per cent co-ownership each on 1 October and 1 December.
Singapore will auction more than 80 properties and over 1,000 luxury accessories seized in the country’s largest money-laundering case, starting next month, Deloitte said. The properties will be sold in phases running from September to mid-2027.
