Knowledge Realty Trust Raises Up to ₹1,000 Crore via NCDs and Commercial Papers to Support Growth Plans
Knowledge Realty Trust Secures ₹2,000 Crore Debt Approval for Portfolio Growth
On June 17, 2026, the Borrowing Committee of Knowledge Realty Office Management Services Private Limited, acting as Manager to the Trust, approved a fundraising plan that signals continued capital deployment across India's office sector.
Fundraising Structure
The Trust received approval to raise up to ₹1,000 crore through fresh issuance of listed, rated, secured, redeemable NCDs, with an additional ₹1,000 crore through the issuance of listed, rated, and redeemable commercial papers. The NCDs carry a face value of ₹1,00,000 and both instruments will be issued on a private placement basis, potentially in multiple tranches or series to eligible investors.
About Knowledge Realty Trust
Knowledge Realty Trust is India's largest office Real Estate Investment Trust by market capitalisation, comprising Grade A office ecosystems across six cities. The Trust was listed on BSE and NSE on August 18, 2025, at an issue price of ₹100 per unit, at 12x oversubscription.
The Trust operates a portfolio of 46.3 msf of operational and under-construction office assets spread across six locations in India, including Hyderabad, Mumbai, and Bengaluru. The portfolio serves over 475 tenants across 20+ sectors, with 74% of gross rents derived from multinational corporations and 45% from Global Capability Centres (GCCs).
Recent Performance and Portfolio Strength
KRT reported pro forma revenue of ₹45,772 million and NOI of ₹40,484 million for FY 2025-26, maintained 92% committed occupancy across its 46.5 msf portfolio, and reduced its LTV to 18% with an average cost of debt of 7.2%.
The Trust distributed a total of ₹21,019 million (₹4.74 per unit) to unitholders for the three quarters following its listing in FY 2025-26, exceeding IPO projections.
Sponsorship and Background
Knowledge Realty Trust is sponsored by real estate company Sattva Group and Blackstone. Salarpuria Sattva, set up in 1986 and headquartered in Bangalore, has built 121 projects on 74 million square feet in 7 cities.
Credit Quality
Crisil and ICRA revalidated AAA/Stable ratings for Knowledge Realty Trust NCDs on June 9-10, 2026, underscoring the Trust's strong credit standing in debt capital markets.
Capital Deployment Context
The fund raise aims to mobilize funds to support the Trust's financial requirements through debt instruments. The REIT level Loan-to-Value (LTV) ratio as of March 31, 2026 was calculated at 17.44%, well within the regulatory limit of not exceeding 49%, providing substantial headroom for additional leverage if required.