Blackstone-backed Bagmane Prime Office REIT files Rs 3,405-cr IPO

MUMBAI: Blackstone-backed Bagmane Prime Office REIT has filed its Offer Document (OD) to raise up to Rs 3,405 crore through an Initial Public Offering (IPO), marking another significant listing in India’s growing office Real Estate Investment Trust (REIT) space.

The proposed offering comprises a fresh issue of units aggregating up to Rs 2,390 crore and an offer for sale (OFS) of units worth up to Rs 1,015 crore by the selling unitholder. The proceeds from the fresh issue are expected to support the REIT’s growth and capital structure.

This will be India's sixth listed REIT and the fifth backed by office assets.


Bagmane Prime Office REIT owns a portfolio of six premium Grade A business parks, with a total area of 20.3 million sq ft, located in Bengaluru’s key office micro-markets, including the Outer Ring Road (ORR) and the Secondary Business District (SBD City). These markets have consistently remained among the strongest performing office corridors in the country.

As of December 31, 2025, the portfolio reported a committed occupancy of 98.8%, the highest among Indian office REITs post-listing. The tenant base includes global technology and multinational corporations such as Google, Amazon, Nvidia and Samsung, reflecting the portfolio’s institutional-grade positioning and strong demand from occupiers.

Beyond its core office assets, the REIT also has diversification through two under-construction hotels with a total of 607 keys, along with four solar power projects with an aggregate capacity of 164.4 MW, adding an infrastructure and sustainability component to its portfolio.

Blackstone has strategic equity investment in Bagmane's Holdco Bagmane Developers where Blackstone through one of its entities holds 7% stake; and Blackstone BREP has 7% stake in BRPL Bagmane Rio, one of the special purpose vehicles.

JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM, and HDFC Bank are the Book Running Lead Managers to the issue.

The IPO comes amid sustained investor interest in income-generating commercial real estate assets, particularly high-occupancy office portfolios backed by global institutional sponsors.

India’s office market continues to chart new highs despite geopolitical uncertainties and anticipated AI-led disruption, with gross leasing reaching 21.5 million sq ft in the first quarter, the highest ever recorded for a January-March period.

The strong start to the year not only sets a new benchmark for first-quarter performance but also surpasses the quarterly average seen in 2025, pointing to sustained occupier confidence and reinforcing expectations of another robust year for the sector.