CAM, S&R, Khaitan, White & Case guide $551 mln India REIT IPO
20 August 2025
Cyril Amarchand Mangaldas has advised Knowledge Realty Trust REIT, its manager and sponsor Blackstone, on its 48-billion-rupee ($551 million) initial public offering, with S&R Associates acting for the other sponsor, Sattva Developers.
Khaitan & Co and White & Case represented the bookrunning lead managers.
Knowledge Realty Trust is India's largest office REIT by Gross Asset Value, with a portfolio totalling 46.3 million square feet across six cities: Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram and GIFT City, Ahmedabad. The portfolio comprises 29 Grade A office assets.
The IPO attracted significant investor interest from anchor investors, including marquee names such as Amundi Funds, Florida Retirement System, Morgan Stanley, Barclays, and domestic investors, including LIC, Rakesh Jhunjhunwala's children's discretionary trust, and various mutual funds.
This marks India's fourth REIT listing, following Embassy, Mindspace, and Brookfield REITs, and ranks as the second-largest office REIT globally by total leasable area.
The syndicate of book-running lead managers comprised Kotak Mahindra Capital, Axis Capital, BofA Securities India, ICICI Securities, IIFL Capital Services, JM Financial, SBI Capital Markets and Morgan Stanley India.
The Cyril Amarchand Mangaldas capital markets team was led by partner Janhavi Manohar, with senior associates Sachin Santuka and Subham Jain, and associates Adwait Deshmukh, Arjun Nair, Isha Tandon, Nimisha Sharma, Parikha Rathi, Prakhar Jain, Siddhant Mehta and Prerna Sengupta. Senior partner Yash J Ashar and partner Kranti Mohan provided guidance.
The corporate team included senior partner Reeba Chacko and partners S Harish, Emil Joseph, Mohit Gogia, Trayosha Darapuneni, and Pooranimaa Hariharan, while real estate partners included Abhilash Pillai, Ashish Jain, Jaideep Kodali, Jinal Mehta, Karan Sharma, Ritha Ulbyre, and Siddharth Singh. Other practice areas were covered by partners Avaantika Kakkar and Kaustav Kundu (antitrust); Pranav Sharma and Okram Singha (finance); Ankoosh K Mehta and Aviral Sahai (disputes).
The S&R Associates team was led by partners Sandip Bhagat, Pratichi Mishra and Meher Mehta and included associates Siddharth Urs, Vinayaditya Reddy, Aakriti Jalota, Anmol Kanodia, Kaveri Varma, Ameesha Tripathi, Shiv Kumar Sharma, Pradhumna Mohan Dixit and Aastha Bhandari. Simran Dhir, head of the competition practice, partner Akshat Kulshrestha, and associates Sehaj Mahajan and Ritik Mohapatra advised on competition law matters.
The Khaitan & Co team included core deal partners Subhayu Sen, Aayush Mohata, and Aparna Bagree, supported by associates Dipsa Prasanth, Hrithik Khurana, Ira Pandya, Sarjana Das, Kaushlendra Singh Palawat, Sairandhri Nawale, Harshit Singh and Mythri Murali. The real estate team was led by partners Harsh Parikh and Abhiraj Gandhi, with counsel Rishabh Vora.