Blackstone (BX) Cashes Out Up to $1.3 Billion from its India Real Estate Bet

Blackstone Inc. (NYSE:BX) has sold up to 25% of its stake in Knowledge Realty Trust, an India-based real estate investment trust, in a deal that could raise $1.3 billion. The sale, which ran from August 31 to September 1, saw a floor price of 108 rupees per unit, representing a 4.7% discount to the previous close and a 13% discount to net asset value.

This offering is the largest share sale by a private shareholder in India via this method. Following the sale, Blackstone's stake in Knowledge Realty Trust will drop to about 21.5% from 46.5%, making Sattva Group the largest shareholder at roughly 32%. Knowledge Realty Trust owns 29 properties across six Indian cities and has gained around 10% since its August 2025 listing.

The strong demand for the offering validates the quality of the portfolio Blackstone built, and the sale allows the firm to recycle capital and redeploy it into new opportunities. While Blackstone retains some economic exposure through its remaining stake, it will have less influence over the trust's decision-making process. The sale also presents an opportunity-cost risk for Blackstone, as it will not benefit from any future appreciation in the trust's value.