New Delhi, 13 May 2025 — In a significant development for India’s real estate and investment landscape, the Competition Commission of India (CCI) has given its approval for the acquisition of certain entities affiliated with the Blackstone Group and the Sattva Group by the Knowledge Realty Trust. This move marks an important step in the consolidation and expansion of real estate assets under a regulated investment framework, reflecting the maturing dynamics of India’s commercial property sector.
The acquisition will be carried out through the Knowledge Realty Trust, a real estate investment trust (REIT) operating via its manager, Knowledge Realty Office Management Services Private Limited. This manager was formerly known as Trinity Office Management Services Private Limited. Under the approved structure, the Knowledge Realty Trust will take over entities that are individually or jointly owned by the Blackstone and Sattva groups. In exchange, current shareholders of these target entities will receive units in the REIT, aligning their interests with the long-term vision of the trust.
Established as a contributory and irrevocable trust under the Indian Trusts Act, 1882, the Knowledge Realty Trust is designed to own and manage a portfolio of income-generating real estate assets. It was officially registered as a REIT with the Securities and Exchange Board of India (SEBI) in October 2024, under the SEBI (Real Estate Investment Trusts) Regulations, 2014. This registration allows it to operate transparently and in the interest of unitholders while contributing to the formalization and professionalization of India’s commercial real estate sector.
The entities being acquired are active in the commercial real estate and renewable energy sectors—both critical to India’s urban development and sustainability goals. The transaction is expected to help streamline operations, create value through scale, and support infrastructure that serves India’s growing business hubs.
At a time when the real estate industry is recovering and repositioning itself post-pandemic, such strategic combinations offer hope and stability to stakeholders—from institutional investors to everyday employees dependent on the ecosystem. The CCI’s nod reflects its confidence in the competitive health of the sector while ensuring the transaction adheres to fair market principles.
A more detailed order from the Commission is awaited, which will provide greater clarity on the scope and conditions, if any, attached to this approval. Nevertheless, this decision is being seen as a progressive step in fostering transparency, innovation, and sustained growth in India’s real estate investment environment.
