Bengaluru-based real estate developer Bagmane Group, which is preparing to file draft papers for its maiden real estate investment trust (REIT) — Bagmane Prime Office REIT — is projecting a net operating income (NOI) of around ₹2,700 crore for FY27, according to market sources.
The estimate does not factor in potential upside from a sizeable pipeline of assets under the right of first refusal (ROFR). These assets span roughly 47 million square feet across 11 properties, which could significantly enhance the REIT’s income profile over time.
Backed by global private equity firm Blackstone, Bagmane Prime Office REIT is estimated to have a gross asset value of about ₹39,000 crore. Sources highlighted that the platform is expected to operate with a conservative balance sheet, reflected in a loan-to-value ratio of nearly 7 percent. The REIT also boasts a weighted average lease expiry (WALE) of 7.3 years, offering stability in long-term cash flows.
In addition, existing leases carry a mark-to-market rental upside of around 20 percent, indicating further income growth potential without incremental asset additions.
The REIT will be led by CEO Richard Hugh Andrew, who brings experience from global investment firms including BlackRock. The sponsor group will be represented by Raja Bagmane, Shashank Bagmane and Aditya Bagmane.
Earlier reports indicated that the unlisted Bagmane Group is targeting a fundraise of approximately ₹4,000 crore through the IPO of its REIT platform. The current portfolio includes six office properties in Bengaluru with a total leasable area of about 20 million square feet, of which nearly 4 million square feet is under construction. The platform is also expected to house two under-development hotels with 607 rooms, along with 164 MW of solar power capacity.
Upon listing, Bagmane Prime Office REIT would become India’s fifth predominantly office-focused REIT and the fifth REIT sponsored by Blackstone. The US-based investment firm has previously exited two of its earlier REIT investments — Embassy Office Parks REIT and Mindspace Business Parks REIT — and also sponsors India’s only retail-focused REIT, Nexus Select Trust.
