After more than a year of pauses, Blackstone-backed Bengaluru developer Bagmane Group has filed draft papers with the Securities and Exchange Board of India for an INR 4,000-crore REIT IPO. JM Financial is the book running lead manager while Kfin Technology is the registrar of the issue.
Bagmane REIT would mark a significant milestone for both the Group and India’s commercial real estate capital markets, positioning the trust as the fifth listed office REIT in the country.
A Large, Bengaluru-Only Office Platform
The proposed Bagmane REIT will house a 20 million square feet portfolio of Grade-A office assets, all located in Bengaluru, India’s largest and most liquid office market. The portfolio is estimated to carry a gross asset value (GAV) of approximately INR 40,000 crore, placing it among the largest single-city office REIT platforms in the country.
The concentration on Bengaluru underscores Bagmane’s long-standing strategy of focusing on scale, tenant stickiness, and infrastructure-led campuses rather than geographic diversification.
Blackstone’s Strategic Bet Deepens
Global private equity major Blackstone has already cemented its role in the platform. In December 2024, Blackstone acquired a minority pre-IPO stake in the Bagmane REIT portfolio, signaling institutional confidence in the underlying assets and income visibility.
This investment aligns with Blackstone’s broader India real estate playbook. The firm has been instrumental in shaping India’s REIT ecosystem, having sponsored or invested in multiple listed vehicles, while also monetising mature assets through strategic exits in recent years.
Entry Into a Crowded—but Proven—REIT Market
Once listed, the Bagmane REIT will join an established group of office REITs that includes:
- Embassy Office Parks REIT
- Mindspace Business Parks REIT
- Brookfield India Real Estate Trust
- Knowledge Realty Trust
Notably, Knowledge Realty Trust—backed by Blackstone and the Satva Group—was the most recent entrant, raising INR 4,800 crore in August 2025, indicating sustained investor appetite for yield-generating office assets despite broader equity market volatility.
From Delay to Deal: A Change in Market Mood
Bagmane Prime Office REIT filing represents a sharp turnaround from early 2024, when the group plans were paused amid uncertain market conditions and the company instead explored pre-IPO placements. At the time, several large developers—including DLF and Prestige—had either deferred or shelved REIT ambitions, citing muted valuations and regulatory overhangs.
Bagmane REIT IPO filing suggests a recalibration. Improved leasing momentum in top office markets, stabilising interest rates, and stronger REIT trading performance appear to have reopened the listing window.
A Portfolio Built on Blue-Chip Tenancy
Founded in 1996 by Raja Bagmane, the group has built one of Bengaluru’s most formidable office portfolios, catering largely to technology, IT/ITeS, and global enterprise tenants. Occupiers across Bagmane’s parks include PwC, Dell, Boeing, Cisco, Google, Accenture, Samsung, Amazon, Microsoft, GSK, and American Express.
Flagship assets include:
- Bagmane Tech Park (East Bengaluru): ~4.7 million sq ft
- Bagmane World Technology Centre (Outer Ring Road): ~4.5 million sq ft
- Bagmane Constellation Business Park: ~5.3 million sq ft
- Bagmane Solarium City (Whitefield): ~10.5 million sq ft
- Bagmane Capital and Bagmane Sierra Business District, both large under-development campuses
This depth of operating history and tenant diversity is expected to be central to the REIT’s investor pitch.
Read Also: Indian Retail REITs Set to Become ₹80,000 Cr Market by 2030: ANAROCK
Final Words
Bagmane Prime Office REIT filing could act as a sentiment indicator for India’s next REIT cycle. For investors, it offers exposure to a pure-play Bengaluru office story backed by long-term institutional capital. For developers, it signals that REIT monetisation—after a period of caution—may once again be viable for scaled, income-stable portfolios.
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