Blackstone and Bagmane Group-backed Bagmane Prime Office REIT filed its draft offer document with the capital markets regulator, the Securities and Exchange Board of India (SEBI) for a ₹4,000 crore Real Estate Investment Trust (REIT) issue. The IPO will be a mix of fresh issue and an offer for sale (OFS). The OFS component will comprise ₹1,000 crore, while the fresh issue will be ₹3,000 crore.
The net proceeds will be utilised towards acquiring Luxor at Bagmane Capital Tech Park (spanning one million sq ft) for ₹1,775 crore. Additionally, up to ₹1,025 crore is planned to part-fund the acquisition of a 93.00% stake in Bagmane Rio, which owns the 1.1 million sq ft Bagmane Rio Business Park.
The remaining proceeds will be allocated for general purposes, including operational needs and exigencies, though this utilisation is capped at 10% of the total net proceeds in accordance with the SEBI REIT Regulations.
Bagmane Office REIT has a portfolio of six premium Grade A+ business parks with a total area of 20.3 million sq ft (16.1 million sq ft completed area), including 0.7 million sq ft of two under-construction hotels with 607 keys. As of June 30, 2025, the portfolio has 97.9% committed occupancy.
As per a JLL report, the REIT has marquee tenants, including Google, Amazon, a leading technology company, and Nvidia. Out of the 6.3 million sq ft total area leased between April 2022 and June 2025, 6.0 million sq ft or 95.8% was leased to existing tenants.
The REIT has a gross asset value (GAV) of ₹38,790 crore as of June 30, 2025.
JM Financial Limited, Kotak Mahindra Capital Company Limited, Axis Capital Limited, IIFL Capital Services Limited, SBI Capital Markets Limited, 360 ONE WAM Limited & HDFC Bank Limited are the book-running managers for the offer.
