Key Takeaways:
- Bagmane Prime Office REIT, backed by Blackstone and Bagmane Group, has filed for a Rs 4,000 crore listing, highlighting India’s deepening REIT market.
- The portfolio covers about 20 million sq ft with c.98% occupancy and a gross asset value near Rs 39,000 crore.
- Projected net operating income for 2026-27 is around Rs 2,700 crore and the sponsor has a 47 million sq ft right-of-first-offer pipeline.
- The transaction underscores growing institutional interest in Indian commercial real estate and bolsters the presence of global investors in the BRICS+ region.
Bagmane Prime Office REIT, backed by global investment firm Blackstone and the Bagmane Group, has moved to raise roughly Rs 4,000 crore through a proposed real estate investment trust listing, according to a draft offer document submitted to India’s capital markets regulator.
Bagmane Prime Office REIT strengthens India’s REIT market
The proposed listing would be India’s sixth REIT and further cements Blackstone’s dominant role in the country’s listed property sector. Blackstone acquired a minority pre‑IPO stake in the Bagmane portfolio in December 2024, and the firm has been associated with five of the existing REITs in India.
The Bagmane Prime Office REIT portfolio spans around 20 million sq ft of office assets across six Grade A office parks in Bengaluru, India’s strongest performing office market. Approximately 16 million sq ft are already completed, with reported occupancy of about 98%.
Nearly 99% of occupiers in the portfolio are multinational corporations and around 89% operate as global capability centres. The holdings also include two hotels under construction with 607 keys and on‑site solar capacity of about 164 megawatts.
Independent valuation places the REIT’s gross asset value at about Rs 39,000 crore. Net operating income for 2026‑27 is projected at roughly Rs 2,700 crore, with an expected compound annual growth rate near 11% from the current fiscal year through 2028‑29. The assets have a weighted average lease expiry of 7.3 years and a low loan‑to‑value ratio of around 7%, while mark‑to‑market upside is estimated at about 20%.
The sponsor has also identified a right‑of‑first‑offer pipeline exceeding 47 million sq ft across 11 assets, offering future avenues for REIT growth and portfolio replenishment.
Senior management named in the draft includes CEO Richard Hugh Andrew, formerly with Hongkong Land and BlackRock, COO Raj Kumar T, previously with HUDCO, and CFO Ashay Shah, formerly of K Raheja Group. The sponsor board comprises Raja Bagmane, Shashank Bagmane and Aditya Bagmane.
The filing comes amid a busy period for Blackstone‑linked issuers. A day earlier, Horizon Industrial Parks, another Blackstone‑related entity, filed papers for a Rs 2,600 crore initial public offering, underlining the firm’s active deployment of capital in India’s real estate space.
Market observers say the Bagmane Prime Office REIT filing highlights two persistent trends: the steady institutionalisation of India’s commercial real estate through listed structures, and sustained investor appetite for high‑quality office assets in major city markets. Since India launched its first REIT in 2019 the segment has grown into a multi‑lakh‑crore market backed by large developers and global financial investors.
If successful, the listing is likely to attract further interest from domestic and international investors seeking stable income streams, professional asset management and exposure to India’s expanding office economy. For Bengaluru, the transaction reinforces the city’s standing as a magnet for multinational occupiers and global capital.
