Bagmane Prime Office plans to raise ₹4,000 cr via Reit IPO

Bengaluru: Bagmane Prime Office REIT, backed by real estate developer Bagmane Group. ₹4,000 crore real estate investment trust (Reit) issuance with a large portfolio of world-class office assets, primarily in Bengaluru.

Bagmane Reit’s public listing will make it India’s sixth listed REIT.

The company submitted the draft offer document for the proposed Reit issue to capital markets regulator Securities and Exchange Board of India (Sebi) on Tuesday.

Bagmane Prime Office REIT is also backed by global asset manager Blackstone, which acquired a pre-IPO minority stake in its legacy portfolio in December 2024.

Blackstone-backed Bagmane’s proposed Reit issuance was followed by another Blackstone-affiliated firm, Horizon Industrial Parks, filing paperwork for a new share offering. ₹2,600 crore initial public offering on Monday.

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

By pooling income-generating real estate assets, such as real estate, office parks and shopping malls, we help investors earn a share of the income generated without purchasing a property. Sebi regulations require at least 80% of a REIT’s assets to be completed and income-generating.

Bagmane Reit will host approximately 20 million sq ft of office assets, of which 16 million sq ft has already been completed, spread across six Grade A office parks in Bengaluru, the country’s best-performing commercial office market. Almost the entire portfolio is leased. Approximately 99% of portfolio users are multinational companies, while 89% are global talent centers (GCC).

Bagmane Reit’s gross asset value is estimated to be approx. ₹39,000 crore.

Founded in 1996, Bagmane Group has developed approximately 28 million m2 of commercial space and has a further 7 million m2 of construction area. It has a future development pipeline of approximately 47 million square meters.

India’s REIT market has seen significant expansion in six years; market value increased from $3.1 billion in 2019-2020 to $19 billion as of September 30, 2025.

A recent report by real estate consultancy JLL India said the sector has transformed from a single REIT to five publicly listed REITs collectively controlling 174 million sq ft of leasable office and retail space in 2019, highlighting its strong growth trajectory.