The proposed REIT that can mix belongings of Sattva and Blackstone’s Nucleus Workplace Parks totaling leasable house of 48 million sq ft of which 37 million sq ft is accomplished and operational with gross asset worth is round Rs 60,000 crore,.
This would be the second largest REIT in Asia by measurement and the most important in India based mostly on the gross asset worth.
Blackstone will maintain a 55% majority stake, whereas Sattva will retain the remaining possession of this REIT generally known as Data Realty Belief. The proposed REIT will undertake a brand-neutral technique with third-party acquisitions in India.
“Development can be pushed by inorganic acquisitions, permitting different builders to contribute belongings whereas preserving their model legacy. This method mitigates threat, enhances variety throughout cities, and creates a scalable platform for industry-wide collaboration,” mentioned one of many individuals talked about earlier.The REIT’s portfolio spans six cities making it India’s geographically numerous workplace REIT, together with Bangalore, Mumbai, Hyderabad, Chennai, Delhi, and Ahmedabad, with 30 workplace properties. A few of the key belongings anticipated to be a part of the REIT embody One BKC, One Worldwide Centre, and One World Centre in Mumbai, Sattva Data Metropolis and Sattva Data Park in Hyderabad, Cessna, and Sattva World Metropolis in Bengaluru.Nearly 95% of the worth is concentrated within the prime 3 workplace markets of India together with Bengaluru, Hyderabad, and Mumbai with majority leased to key multinational corporations and World Functionality Facilities (GCCs).The problem is prone to be launched by June-July, marking the fifth REIT in India and the fourth sponsored by Blackstone, the nation’s largest industrial workplace property proprietor.
“The projected internet working revenue (NOI) is predicted to be 18% CAGR between FY25-27. It additionally has low mortgage to worth (LTV) with a robust proper of first supply (ROFO) pipeline of seven million sq ft throughout 4 belongings recognized for development on March 6, 2025,” talked about the draft prospectus.
Embassy Group and Blackstone kickstarted India’s REIT market with the Embassy Workplace Parks REIT IPO in April 2019, elevating Rs 4,750 crore and managing 33 million sq ft. This was adopted by the Mindspace Enterprise Parks REIT, backed by Okay Raheja Corp and Blackstone, which raised Rs 4,500 crore and oversees 34.8 million sq ft. Blackstone additionally sponsored the Nexus Choose Belief, India’s first retail-focused REIT, managing 10.3 million sq ft.
The one different international establishment to launch a REIT in India is Brookfield, which raised Rs 3,800 crore with the Brookfield India Actual Property Belief in February 2021, managing a 28.9 million sq ft portfolio.
Sattva builders has constructed over 74 million sq ft throughout seven Indian cities in industrial, residential, evolving, hospitality and information centres segments. It has an extra 75 million sq ft beneath planning and implementation stage.
The agency has appointed Shirish Godbole as CEO and Quaiser Parvez as COO, with Tuhin Parikh from Blackstone becoming a member of as a sponsor board member, alongside Bijay Agarwal and Shivam Agarwal from Sattva Group.
As per the newest Indian REITs Affiliation figures, the Indian REIT market now oversees gross Belongings Underneath Administration (AUM) round Rs 152,000 crores, with a market capitalisation surpassing Rs 95,000 crores as of seventh February 2025. The portfolios managed by these REITs cowl over 126 million sq ft of Grade A workplace and retail house throughout the nation.
