Mumbai | Bagmane Prime Office REIT (“REIT”), a Bengaluru-based commercial office REIT, comprising Grade A+ business parks, has fixed the price band for the [Offer} at ₹95 to ₹100 per Unit.
The Bid/Offer will open on Tuesday, May 05, 2026 and close on Thursday, May 07, 2026. Bids can be made for a minimum of 150 Units and in multiples of 150 Units thereafter by bidders other than Anchor Investors and Strategic Investors.
The initial public offer comprises a fresh issuance of Units aggregating up to ₹2,390 crore by the REIT (“Fresh Issue”) and an offer for sale of Units by BREP Asia III India Holding Co VIII Pte. Ltd. (an affiliate of Blackstone) aggregating upto ₹ 1,015 crore (“Offer for Sale” and together with the Fresh Issue, the (“Offer”). Primary proceeds from the Fresh Issue will be utilized to part-fund acquisition of Luxor at Bagmane Capital Tech Park, a premium 1.0 million square feet completed asset, as well as part-fund the acquisition of a 93% stake in Bagmane Rio Business Park, a marquee 1.1 million square feet building, which is completely leased to marquee foreign-headquartered multinational tenant.
The Offer is being made through the Book Building Process and in compliance with the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (“REIT Regulations”) and the REIT Master Circular dated July 11, 2025, wherein not more than 75% of the Issue (excluding the Strategic Investor portion) shall be available for allocation on a proportionate basis to Institutional Investors and not less than 25% of the Issue (excluding the Strategic Investor portion) shall be available for allocation to Non-Institutional Investors, in accordance with the REIT Regulations.
The Sponsor to the REIT, Bagmane Realty and Infrastructure LLP (holding entity of the Bagmane Group), is one of India’s leading and Bengaluru’s largest pure play Grade A+ office owner and developer*. Axis Trustee Services Limited is the Trustee and Bagmane Realty Investment Manager Private Limited is the Manager to the REIT.
The REIT’s portfolio comprises 6 premium Grade A+ business parks with 20.3 million square feet total area, and it is located in the world’s best performing micro-markets (by net absorption since from CY2021 to CY2025). The portfolio consists of 19.6 million square feet of leasable area, including 16.6 million square feet completed area which is ~ 99% occupied, the highest occupancy amongst Indian REITs post listing.* The tenant roster comprises ~ 89% global capability centers and marquee foreign-headquartered multinational tenants, who rank among the largest companies globally in terms of market capitalization.* In addition to its core office assets, the portfolio features four solar power projects (including 1 under construction) with an aggregate capacity of 164.4 MW (DC) and two under-construction hotels (607 keys).* The REIT is poised for sustained growth given its ROFO pipeline of 47+ million square feet, the largest amongst Indian office REITs post listing.*
Lead Managers to the Offer are JM Financial Limited, Axis Capital Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited, SBI Capital Markets Limited, 360 ONE WAM Limited and HDFC Bank Limited. Registrar to the Offer is Kfin Technologies Limited. The Units are proposed to be listed on BSE Limited and National Stock Exchange of India Limited.
*As of December 31, 2025
Disclaimers
This announcement is not being made in and copies of it may not be distributed or sent into the United States, the United Kingdom, Canada, Australia or Japan. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Bagmane Realty Investment Manager Private Limited, acting as manager of Bagmane Prime Office REIT (the “REIT”), does not intend to register any of the securities of the REIT in the United States or to conduct a public offering of the securities of the REIT in the United States. The REIT is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Units and has filed the offer document with the Securities and Exchange Board of India. The offer document is available on the website of the Securities and Exchange Board of India (“SEBI”) at www.sebi.gov.in, the websites of the designated stock exchange, at www.nse-india.com, as well as on the websites of the BRLMs, www.jmfl.com, https://investmentbank.kotak.com, www.axiscapital.co.in, www.iiflcapital.com, www.sbicaps.com, https://www.360.one and www.hdfc.bank.in, respectively. Investors should note that investment in Units may involve risks and for details relating to such risks, prospective investors should carefully read offer document, including sections entitled “Risk Factors” and “Forward-Looking Statements”. Prospective investors should not rely on the offer document filed with SEBI and stock exchanges in making any investment decision.
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