Latest news with #Blackstone-owned
Mint
4 days ago
- Business
- Mint
Blackstone-backed Knowledge Realty Trust's ₹4,800-crore IPO to open on 5 August
Next Story Madhurima Nandy The Sattva Group and Blackstone-backed real estate investment trust will announce the price band on 30 July. Some of the marquee assets owned by Knowledge Realty Trust include One BKC and One World Center in Mumbai, Knowledge City and Knowledge Park in Hyderabad and Cessna Business Park and Sattva Softzone in Bengaluru. Gift this article BENGALURU :Knowledge Realty Trust (KRT), a real estate investment trust (Reit) sponsored by Bengaluru-based developer Sattva Group and asset manager Blackstone, is set to launch its initial public offering (IPO) on 5 August, said two persons close to the development. Knowledge Realty Trust (KRT), a real estate investment trust (Reit) sponsored by Bengaluru-based developer Sattva Group and asset manager Blackstone, is set to launch its initial public offering (IPO) on 5 August, said two persons close to the development. The proposed ₹ 4,800-crore IPO secured approval from the Securities and Exchange Board of India (Sebi) on Friday. The offer will be open from 5 to 8 August. This will be Asia's second-largest Reit by size and India's largest by gross asset value (around ₹ 62,000 crore) and net operating income, owning over 46 million square feet of office space across 29 assets in six cities, mainly Mumbai, Bengaluru, and Hyderabad. 'The price band will be announced on 30 July. The Reit will be listed in mid-August," said one of the two persons cited above, on the condition of anonymity. In June, KRT became the first ever Reit to conclude a pre-IPO fundraising exercise. It raised ₹ 1,400 crore from investors, including JM Financial, Radhakishan Damani (promoter of DMart), and 360 One Wam Ltd, in a pre-IPO placement. The round was fully subscribed by domestic high-net-worth individuals (HNIs) and family offices, signalling investor confidence ahead of the public issue. 'A substantial amount of the total ₹ 6,200 crore primary raise will be used for debt repayment. There will be no secondary sale," said the second person. A KRT spokesperson didn't respond to Mint's queries. The KRT IPO KRT filed its IPO draft papers with Sebi in March. Blackstone—sponsor of three of the four listed Reits in India—will own 55% of the Reit, while the Sattva Group will hold the rest. The KRT Reit has a 'brand neutral' strategy. It aims to acquire assets inorganically and give opportunities to other developers to contribute their assets to the Reit while maintaining their brand identity. Shirish Godbole, former managing director of Morgan Stanley Real Estate Funds in India, is the trust's chief executive officer; Quaiser Parvez, former CEO of Blackstone-owned Nucleus Office Parks, is its chief operating officer. Reits have faced their share of challenges in recent years, many of them pandemic-induced. But with the office market turning around, they are gaining more acceptance. Around 90% of the Sattva-Blackstone Reit is leased to marquee tenants, split between multi-national corporations and global capability centres (GCCs). Also Read | KKR-backed Leap India appoints bankers for IPO Some of the marquee assets owned by the Trust include One BKC and One World Center in Mumbai, Knowledge City and Knowledge Park in Hyderabad and Cessna Business Park and Sattva Softzone in Bengaluru. Topics You May Be Interested In Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Mint
4 days ago
- Business
- Mint
Knowledge Realty Trust's Rs4,800-crore IPO to open on 5 August
BENGALURU : Knowledge Realty Trust (KRT), a real estate investment trust (Reit) sponsored by Bengaluru-based developer Sattva Group and asset manager Blackstone, is set to launch its initial public offering (IPO) on 5 August, said two persons close to the development. The proposed ₹4,800-crore IPO secured approval from the Securities and Exchange Board of India (Sebi) on Friday. The offer will be open from 5 to 8 August. This will be Asia's second-largest Reit by size and India's largest by gross asset value (around ₹62,000 crore) and net operating income, owning over 46 million square feet of office space across 29 assets in six cities, mainly Mumbai, Bengaluru, and Hyderabad. 'The price band will be announced on 30 July. The Reit will be listed in mid-August," said one of the two persons cited above, on the condition of anonymity. In June, KRT became the first ever Reit to conclude a pre-IPO fundraising exercise. It raised ₹1,400 crore from investors, including JM Financial, Radhakishan Damani (promoter of DMart), and 360 One Wam Ltd, in a pre-IPO placement. The round was fully subscribed by domestic high-net-worth individuals (HNIs) and family offices, signalling investor confidence ahead of the public issue. 'A substantial amount of the total ₹6,200 crore primary raise will be used for debt repayment. There will be no secondary sale," said the second person. A KRT spokesperson didn't respond to Mint's queries. The KRT IPO KRT filed its IPO draft papers with Sebi in March. Blackstone—sponsor of three of the four listed Reits in India—will own 55% of the Reit, while the Sattva Group will hold the rest. The KRT Reit has a 'brand neutral' strategy. It aims to acquire assets inorganically and give opportunities to other developers to contribute their assets to the Reit while maintaining their brand identity. Shirish Godbole, former managing director of Morgan Stanley Real Estate Funds in India, is the trust's chief executive officer; Quaiser Parvez, former CEO of Blackstone-owned Nucleus Office Parks, is its chief operating officer. Reits have faced their share of challenges in recent years, many of them pandemic-induced. But with the office market turning around, they are gaining more acceptance. Around 90% of the Sattva-Blackstone Reit is leased to marquee tenants, split between multi-national corporations and global capability centres (GCCs). Some of the marquee assets owned by the Trust include One BKC and One World Center in Mumbai, Knowledge City and Knowledge Park in Hyderabad and Cessna Business Park and Sattva Softzone in Bengaluru.
Boston Globe
22-07-2025
- Business
- Boston Globe
Sneaker designer Asics makes tracks for the Leather District
'We really do believe in this voluntary approach,' Turner said. 'We think it's important for people to balance work and home life. We've found a lot of success with this hybrid approach.' Advertisement The US group is led by Koichiro Kodama, who splits his time between the Boston and California offices. Despite the shrinking office footprint here, Turner said, Asics still hopes to add more people in Boston. Synergy vice president Tim Ferguson said the building's high ceilings, a vestige of its manufacturing past, were a selling point, as was Synergy's ability to have the space ready for Asics within just a few months after their first contact. Synergy acquired it from EQ Office, a Blackstone-owned landlord, last year. Advertisement The Japanese sneaker company's road to Boston starts with its acquisition of Runkeeper, a fitness app developed here that Asics acquired in 2016. Two years later, Asics opened its Summer Street office, to build more of a presence in a city known for its footwear brands. Other shoe companies with major offices within the city limits include Nike-owned Converse and Wolverine-owned Saucony (both near North Station), Reebok (in the Seaport), and New Balance (in Brighton). Puma has its main US office just over the line in Somerville, the Americas headquarters for Clarks is in Needham, and homegrown running shoe company Topo is in Framingham. 'That's part of the reason why we chose Boston,' Turner said. 'There are not many areas that are similar to Boston in that way, that have so many ... footwear brands in that small of an area.' This is an installment of our weekly Bold Types column about the movers and shakers on Boston's business scene. Jon Chesto can be reached at
Yahoo
11-07-2025
- Business
- Yahoo
Clearwater Analytics CFO on the state of the M&A market and recent deals
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. While 2025 is not shaping up as the banner year for M&A that most observers had expected, some strategic deals are still getting done, especially those that were agreed upon before the Trump administration's 'Liberation Day' tariffs on April 2. A case in point is Clearwater Analytics, a $450 million, publicly held provider of investment management software and services for corporate and institutional asset owners and managers. The company signed definitive agreements for multiple acquisitions early this year to round out its portfolio of offerings. In one deal, worth $1.5 billion, Clearwater agreed in January to acquire Enfusion, an investment management platform. Additionally, the company in March agreed to pay a combined $685 million for Beacon Platform, a risk and modeling platform for derivatives, private credit and debt and other alternative assets; and Bistro, a Blackstone-owned portfolio visualization software platform. Beacon and Bistro are designed to work together. The CFO at the helm of the acquisitions, Jim Cox, knows his way around M&A, having been involved in numerous deals — as both buyer and seller — while serving as finance chief for Clearwater and three other technology companies over the past decade and a half. recently met with Cox — a customer of Clearwater at several companies before coming aboard in 2019 — to talk about the current M&A environment and the strategy behind Clearwater's recent deals. CFO, Clearwater Analytics First CFO position: 2009 Notable previous employers: Glassdoor Lithium Technologies Advent Software PricewaterhouseCoopers This interview has been edited for brevity and clarity. JIM COX: There are many layers to thinking about the M&A landscape, and one is obviously the overall economic environment and an acquirer's ability to pay. Can you obtain the needed capital? April 3, the day after 'Liberation Day,' was the busiest day in the history of our platform. Everyone was trying to figure out their exposure. There was a lot of upheaval at that point. What's interesting now is that there's been so much vacillation in thinking about what will result from the tariff policies that I think the market is beginning to accept them. I'm not sure whether that's the right or wrong thing to do, but some people are saying, 'Yes, there is uncertainty, and I'm not sure how that's going to be resolved, and I need to live my life.' There have been some large M&A announcements, and the IPO market has started to open back up. Up until March, it was very good — world-class. And then the market closed up for a while. [If our deals were earlier in their lifecycles], we might have had to consider a different approach. I think that's a safer approach that equity investors generally take: Wait and see. They're looking for proof points, and that will be our job over the next nine months. But by doing an M&A transaction, you're implicitly showing confidence in your business. You have to have that to take on the challenge of operating at a larger scale. 'By doing an M&A transaction, you're implicitly showing confidence in your business. You have to have that to take on the challenge of operating at a larger scale.' Jim Cox CFO, Clearwater Analytics We did these deals because we were listening to our customers, who were telling us they liked us and wanted us to do more for them. The deals were about fortifying our growth for the next 10 years. And it's obviously hard to tell investors they have to wait 10 years to know whether a deal worked out. Of course, you're always surprised. There's always something you didn't know that comes to light afterward, where you understood things one way, and now you understand them a different way. That's the classic Henry Ford saying: My customers would have asked me to make a better horse, and I built an automobile instead because they needed that. But the most successful deals, in my history, are those where you're not pushing it on your clients, but rather your clients are pulling you in that direction. Even the most revolutionary ideas are developed and perfected with customer iteration. That is never pleasant. It's a tough situation, so what can you do to make it as humane as possible? One thing is, be very clear with people, be deliberate but decisive, and then be done, so you can turn to everybody at the company and say, this is the team going forward. You don't want 'death by a thousand cuts.' That's the worst. Not exactly, because they served hedge funds and asset managers, while we served more institutional asset managers and owners. There wasn't much customer overlap. Here was the strategic rationale: What we were doing was accounting, reporting and performance and risk management for investments. All of that was after trades occurred. But there are lots of activities involved in determining whether to make a trade. What Enfusion does is called order management, which provides information in real time. Beacon is a risk system that quants use to do sophisticated risk calculations pre-trade, and Bistro is a set of assets that help visualize the Beacon quantitative platform. They had two separate owners, but they work together. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
30-06-2025
- Business
- Business Times
Star Entertainment's Hong Kong backers threaten to soon exit Brisbane casino deal
[BRISBANE] Australia's Star Entertainment said on Monday (Jun 30) that its Hong Kong-based investors had threatened to imminently withdraw from a deal for Brisbane's new Queen's Wharf casino and hotel complex, sending its shares 7 per cent lower. Chow Tai Fook Enterprises and Far East Consortium each hold a 25 per cent stake in the Brisbane development and agreed in March to acquire the remaining 50 per cent. The deal is set to be cancelled in five business days, according to a notice to terminate from the Hong Kong firms. The notice comes after Star's shareholders last month approved an A$300 million (S$249.7 million) rescue package that will allow the embattled casino group to remain operational. The rescue bid is being led by US casino firm Bally's Corp and the Mathieson family, which is Star's largest existing shareholder. Star said it had been negotiating with the Hong Kong firms since its Jun 25 annual general meeting but had not reached an agreement on 'outstanding commercial issues.' It remains willing to talk with them, it added. Chow Tai Fook and Far East each own 2.8 per cent of Star and also own a combined two-thirds of Star's Gold Coast property. Star's main casino is in Sydney. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up In recent years, Star and Blackstone-owned larger rival Crown Resorts have been the subject of multiple regulatory inquiries into violations of anti-money laundering rules that have sapped their allure for high roller visitors. They were also hit hard after the pandemic brought lengthy closures and froze tourism. Far East said in a separate statement on Monday that Star must repay A$10 million or forfeit its remaining third stake in the Gold Coast casino within 30 days of the Brisbane deal being terminated. The potential termination of the Queen's Wharf deal marks a major setback for Star which has with the Hong Kong firms poured in significantly more capital than expected to complete the project. The project now carries some A$1.6 billion in debt. Star's stock snapped four straight days of gains and ended 6.9 per cent lower at A$0.135. REUTERS
