Knowledge Realty Trust is India’s largest office landlord - a Real Estate Investment Trust (REIT) that owns and operates a collection of premium commercial buildings, leasing space to over 475 companies including Google, Cisco, and J.P. Morgan. It was formed in 2025 when two sponsors - the Indian developer Sattva and the global investment firm Blackstone - combined a portfolio of Grade-A office assets into a listed trust, creating a vehicle that lets public investors own a slice of India’s institutional office market. The recurring approach is to buy or build best-in-class office ecosystems in India’s strongest cities, fill them with resilient tenants doing high-value work, and then layer on hospitality-style service to keep them there - a model management calls “AI resilient” because it depends on strategic Global Capability Centres, not back-office outsourcing. # Business segments A single core engine - owning and leasing Grade-A office space - supported by captive solar power and in-house maintenance services that keep the buildings running efficiently. ## 1. Office leasing: where the trust earns its living **KRT collects rent from over 475 tenants across 29 trophy and business-park assets in six Indian cities, with built-in annual escalations and a weighted-average lease expiry of eight years.** - **A national footprint concentrated in three powerhouse markets** - 95% of the portfolio’s gross asset value sits in Bengaluru, Mumbai, and Hyderabad, the country’s best-performing office markets, giving KRT exposure to diverse demand while avoiding fragmented smaller cities. - **Tenants that stay and expand** - 56% of new leasing in the last financial year came from existing tenants taking more space, and no single tenant accounts for more than 5% of gross rents, so the income stream is both sticky and spread across over 20 sectors. - **Global Capability Centres are the anchor** - nearly 45% of gross rentals come from GCCs doing high-value strategic work for multinational parents, a tenant base that is far less vulnerable to automation or offshoring reversals than traditional IT services firms, which are barely present in the portfolio. - **Pricing power embedded in the leases** - over 87% of leases signed in the last financial year carry annual escalation clauses, typically 5% per year or 15% over three years, and in-place rents of ₹97 per square foot per month sit 25% below current market rents, meaning there is a built-in uplift as leases roll over. - **A tale of two portfolios** - six city-centre “front office” trophy complexes in Central Mumbai command premium rents from global consulting firms and Indian conglomerate headquarters, while 23 suburban business parks in Bengaluru and Hyderabad house the large-scale GCC campuses; the front-office portfolio alone was nearly 90% occupied as of March 2026. ## 2. Captive solar power: cheaper, cleaner electricity for the buildings **KRT generates its own power from solar plants and feeds it directly to its office assets under 25-year agreements, cutting energy costs and insulating the portfolio from grid-price volatility.** - **Operational and growing** - one 30.8 MW plant in Karnataka has been supplying Bengaluru office assets since August 2024, and a second 24.2 MW plant in the same district is under construction with completion expected in the third quarter of 2026. - **Dedicated offtake, no merchant risk** - each solar plant has a long-term power purchase agreement with specific KRT office buildings, so the electricity is consumed in-house rather than sold on the open market; the Mumbai asset One BKC, for instance, draws from a 3.9 MW plant in Dhule, Maharashtra. - **A sustainability tool with a cost edge** - by generating power at the point of consumption’s source, the trust reduces its reliance on grid electricity for common-area operations, which feeds directly into lower operating costs across the portfolio. ## 3. Maintenance services: keeping the campuses consistent **In-house Special Purpose Vehicles handle common-area upkeep across the portfolio, so tenant experience stays uniform whether the building is in Mumbai or Bengaluru.** - **Quality control through ownership** - rather than outsourcing maintenance to third-party vendors, KRT runs dedicated CAM (common area maintenance) SPVs that manage cleaning, security, landscaping, and amenities across its office ecosystems. - **Part of the hospitality promise** - the trust’s stated model is “hospitality-led service,” investing in food and beverage, wellness initiatives, and campus upgrades; owning the maintenance layer means those standards are enforced directly, not contracted out and hoped for. # Group structure and partners **KRT is a co-sponsored REIT that holds its assets through a web of 34 Special Purpose Vehicles, with Sattva bringing development capability and Blackstone bringing institutional capital.** - **Two sponsors, complementary roles** - Sattva Developers Private Limited is the Indian real-estate developer that originated many of the assets; Blackstone is the global investment firm that co-founded the trust and provides access to international capital markets. - **Asset-by-asset ownership** - each major office property sits in its own SPV (for example, OWCPL holds One World Center, and OICPL holds One International Center and One Unity Center), a structure that ring-fences liabilities and simplifies acquisition or disposal of individual assets. - **A visible growth pipeline** - the trust holds a Right of First Offer on roughly 6.7 million square feet across four assets being developed by the Sattva sponsor group in Bengaluru, Pune, and Chennai, giving it a pre-negotiated path to acquire more space without competing in open-market auctions. - **Recent restructuring to unlock flexibility** - unitholders approved two demergers in early 2026 that split large multi-block assets into separate SPVs, making it easier to sell or finance individual buildings; they also capped consolidated borrowings at 35% of asset value, reinforcing balance-sheet discipline.