MC EXCLUSIVE Blackstone-backed Bengaluru developer Bagmane to soon file DRHP for Rs 4,000 cr REIT IPO

Bagmane Group REIT IPO

Private equity major Blackstone-backed Bengaluru real estate developer Bagmane group is planning to soon file the draft papers for the initial public offering (IPO) of its real estate investment trust (REIT) with the markets regulator to raise around Rs 4,000 crore, two people aware of the company’s plans told Moneycontrol.

The sources added that Bagmane is looking to file the draft red herring prospectus (DRHP) anytime this week.

Moneycontrol first reported about Bagmane’ REIT IPO plans on July 23. 

The Bagmane REIT comprises office properties with 20 million square feet of floor space, the sources said, adding that the REIT has a gross asset value of Rs 40,000 crore. The entire commercial office portfolio is located in Bengaluru.

In December 2024, Blackstone acquired a minority pre-IPO stake in the REIT portfolio.

This will be the fifth office REIT in the Indian market after Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust and Knowledge Realty Trust.

The last REIT to launch a public offering was Blackstone and Satva group’s Knowledge Realty Trust, which raised Rs 4,800 crore in its IPO in August 2025.

An email sent to Bagmane group did not elicit a response till the time of publication.

Bagmane office parks portfolio

Founded in 1996, Bagmane Group is a significant presence in the Bengaluru office properties market, focusing on business parks and office spaces, primarily for technology, IT/ITeS, and global enterprise clients. Tenants in Bagmane’s office parks include PwC, Dell, Boeing, Cisco, Google, Accenture, Samsung, Amazon, GSK, Microsoft and American Express.

One of its earliest IT parks — Bagmane Tech Park — is in East Bengaluru and was launched in 2001, with over 4.7 million sq ft in a 42-acre campus.

The Bagmane World Technology Centre on Bengaluru’s Outer Ring Road is another flagship campus. It was set up in 2007 with 4.5 million sq ft of office space.

Other major office properties of the group include Bagmane Constellation Business Park (Outer Ring Road, 5.3 million sq ft); Bagmane Capital, an under-development project with total capacity of 10.5 million sq ft; Bagmane Solarium City (Whitefield, 10.5 million sq ft) and Bagmane Sierra Business District, an under-construction property in  Yelahanka.