**Bengaluru’s Bagmane Prime Office REIT Plans ₹4,000 Crore Issue**
Bagmane Prime Office REIT, backed by the Bagmane Group, is set to launch a ₹4,000 crore real estate investment trust (REIT) focused on prime office assets primarily located in Bengaluru. This public listing will mark India’s sixth listed REIT. The company has submitted its draft offer document to the Securities and Exchange Board of India (SEBI) for regulatory approval.
The Bagmane Prime Office REIT is also supported by global asset manager Blackstone, which acquired a minority stake in the portfolio in December 2024. This move follows Horizon Industrial Parks, another Blackstone-affiliated firm, which recently filed for a ₹2,600 crore initial public offering.
Currently, India has four publicly listed office REITs: Mindspace Business Parks REIT, Embassy Office Parks REIT, Brookfield India Real Estate Trust (BIRET), and Knowledge Realty Trust (KRT). Additionally, Nexus Select Trust stands as the only retail-focused REIT in the country.
REITs are designed to pool income-generating real estate assets, such as office parks and shopping malls, allowing investors to earn a share of the income without directly purchasing properties. According to SEBI regulations, at least 80% of a REIT’s assets must be completed and income-producing.
The Bagmane REIT will encompass approximately 20 million square feet of office assets, with 16 million square feet already completed across six Grade A office parks in Bengaluru, which is recognized as India’s leading commercial office market. The portfolio is nearly fully leased, with around 99% of tenants being multinational companies and 89% classified as global capability centers (GCCs). The estimated gross asset value of the Bagmane REIT is around ₹39,000 crore.
Founded in 1996, the Bagmane Group has developed about 28 million square feet of commercial space, with an additional 7 million square feet currently under construction and a future development pipeline of nearly 47 million square feet.
India’s REIT market has seen significant growth over the past six years, with market capitalization increasing from $3.1 billion in 2019-2020 to $19 billion as of September 30, 2025. The sector has expanded from a single REIT in 2019 to five listed REITs managing a total of 174 million square feet of leasable office and retail space, showcasing a robust growth trajectory.
**FAQ**
**What is the significance of the Bagmane Prime Office REIT?**
The Bagmane Prime Office REIT represents a significant investment opportunity in India’s growing real estate market, particularly in the commercial office sector, and is expected to attract both domestic and international investors.
