Bagmane Prime Office REIT Set to Raise ₹4,000 Crore via IPO

Bengaluru: Real estate developer Bagmane Group-backed Bagmane Prime Office REIT is planning a ₹4,000 crore real estate investment trust (REIT) issue, with a large portfolio of prime office assets primarily in Bengaluru.

The public listing of the Bagmane REIT would be India's sixth listed REIT. The company submitted its draft offer document to the capital markets regulator, the Securities and Exchange Board of India (Sebi), for the proposed REIT issue on Tuesday.

The Bagmane Prime Office REIT is also backed by global asset manager Blackstone, which had acquired a minority pre-IPO stake in the former's portfolio in December 2024. Blackstone-backed Bagmane's proposed REIT issue comes after Horizon Industrial Parks, another Blackstone-linked firm, filed papers for a ₹2,600 crore initial public offering on Monday.

The four publicly listed office REITs in the country currently are Mindspace Business Parks REIT, Embassy Office Parks REIT, Brookfield India Real Estate Trust (BIRET) and Knowledge Realty Trust (KRT). Besides the four office REITs, Nexus Select Trust is the fifth and only retail-focused REIT in the country.

REITs pool income-generating real estate assets, such as office parks and shopping malls, to help investors earn a share of the income produced without purchasing the properties. The Sebi regulations require at least 80% of a REIT’s assets to be completed and income-producing.

The Bagmane REIT will house around 20 million sq ft of office assets, of which 16 million sq ft of space is already completed, spread over six Grade A office parks in Bengaluru, the country's top-performing commercial office market. The portfolio is almost fully leased. Around 99% of the portfolio's occupiers are multi-national companies, while 89% are global capability centres (GCC).

The Bagmane REIT's gross asset value is estimated at around ₹39,000 crore. Bagmane Group, founded in 1996, has developed about 28 million sq ft of commercial space and has another 7 million sq ft under construction. It has a future development pipeline of almost 47 million sq ft.

India's REIT market has achieved remarkable expansion over six years, with market capitalization growing from $3.1 billion in 2019-2020 to $19 billion as of 30 September 2025. The sector has evolved from a single REIT in 2019 to five listed REITs collectively controlling 174 million sq ft of leasable office and retail space, highlighting its robust growth trajectory, property advisory JLL India said in a recent report.

Bagmane Group's strong portfolio and strategic backing from Blackstone position the company well to capitalize on the growing demand for high-quality office space in India's bustling commercial markets. This IPO is a significant step in the company's journey to expand its reach and provide investors with a diversified and high-yield real estate investment opportunity.