The private equity giant sold up to 25% of the real estate investment trust, which it backs alongside local partner Sattva Group. The fully subscribed offering, completed September 1, was the largest share sale by a private shareholder in India via this method. The sale, at a discount of 4.7% to the prior close and 13% to net asset value, allows Blackstone to recycle capital after the trust gained roughly 10% since its August 2025 listing.