Bagmane Group Set to Launch Rs 4,000 Crore REIT IPO

Private equity major Blackstone-backed Bengaluru real estate developer Bagmane Group is gearing up to file the draft papers for the initial public offering (IPO) of its real estate investment trust (REIT) with the markets regulator. The company aims to raise around Rs 4,000 crore through this IPO, according to two people familiar with the company’s plans.

The sources added that Bagmane is looking to file the draft red herring prospectus (DRHP) anytime this week. This move follows a report by Moneycontrol on July 23, which first broke the news about Bagmane’s REIT IPO plans.

The Bagmane REIT comprises office properties with 20 million square feet of floor space, the sources said, adding that the REIT has a gross asset value of Rs 40,000 crore. The entire commercial office portfolio is located in Bengaluru, a city known for its robust IT and technology sectors.

In December 2024, Blackstone acquired a minority pre-IPO stake in the REIT portfolio. This strategic move highlights the confidence of one of the world’s largest private equity firms in Bagmane’s growth potential and the Indian office real estate market.

This will be the fifth office REIT in the Indian market, following the successful listings of Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, and Knowledge Realty Trust. The most recent REIT to launch a public offering was Blackstone and Satva Group’s Knowledge Realty Trust, which raised Rs 4,800 crore in its IPO in August 2025.

Founded in 1996, Bagmane Group is a significant presence in the Bengaluru office properties market, focusing on business parks and office spaces, primarily for technology, IT/ITeS, and global enterprise clients. Some of the notable tenants in Bagmane’s office parks include PwC, Dell, Boeing, Cisco, Google, Accenture, Samsung, Amazon, GSK, Microsoft, and American Express.

One of its earliest IT parks, Bagmane Tech Park, is located in East Bengaluru and was launched in 2001, with over 4.7 million sq ft in a 42-acre campus. The Bagmane World Technology Centre on Bengaluru’s Outer Ring Road is another flagship campus. It was set up in 2007 with 4.5 million sq ft of office space.

Other major office properties of the group include Bagmane Constellation Business Park (Outer Ring Road, 5.3 million sq ft); Bagmane Capital, an under-development project with total capacity of 10.5 million sq ft; Bagmane Solarium City (Whitefield, 10.5 million sq ft) and Bagmane Sierra Business District, an under-construction property in Yelahanka.

An email sent to Bagmane Group for comment did not elicit a response by the time of publication.

The launch of Bagmane’s REIT IPO is expected to further strengthen the company’s position in the Indian real estate market and provide investors with a new avenue to participate in the growth of Bengaluru’s thriving office sector.