Blackstone-backed Bagmane Prime Office REIT garners Rs 1,150 cr from anchor investors

By

Daily Excelsior

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NEW DELHI, May 5: Blackstone-backed Bagmane Prime Office REIT has secured about Rs 1,150 crore from anchor investors, as its Initial Public Offering (IPO) opens for subscription on Tuesday.

The Rs 3,405 crore public issue will conclude on May 7.

The anchor book saw participation from a diverse set of institutional investors, including NPS Trust (via SBI Pension Fund schemes for central and state government), WhiteOak Capital funds, SBI Life Insurance, Quant Mutual Fund (MF) UTI MF, Kotak MF, Nippon India MF, Edelweiss MF and JM Financial MF, according to a circular uploaded on BSE’s website late evening on Monday.

The anchor portion also drew interest from global and domestic investors such as Societe Generale (ODI), Capri Global Capital and a number of investment firms.

As per the circular, Bagmane Prime Office REIT allocated 11,49,74,850 units at Rs 100 apiece.

The price band has been fixed at Rs Rs 95-100 per unit for the public issue of Bengaluru-based real estate investment trust (REIT), which owns and develops Grade A+ office assets.

The IPO 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.

Proceeds will be used to acquire Luxor at Bagmane Capital Tech Park (spanning one million sq ft) as well as part-fund the acquisition of a 93 per cent stake in Bagmane Rio, which owns the 1.1 million sq ft Bagmane Rio Business Park.

Bagmane Prime Office REIT’s portfolio includes six premium Grade A+ business parks spanning 20.3 million square feet, located in key micro-markets of Bengaluru, including the Outer Ring Road (ORR) and the Secondary Business District (SBD City).

As of December 31, 2025, the REIT reported a committed occupancy of 98.8 per cent, among the highest for listed office REITs in India. Its tenant base includes multinational corporations such as Google, Amazon, Nvidia and Samsung.

In addition to office assets, the portfolio also comprises two under-construction hotels with 607 keys and four solar power projects with a combined capacity of 164.4 MW (DC).

The company has earmarked up to Rs 850 crore for strategic investors and accordingly the net offer stands at Rs 2,555 crore, of which 75 per cent is reserved for qualified institutional buyers (QIBs) and the remaining 25 per cent for non-institutional investors (NIIs).

Investors can bid for a minimum of 150 units and in multiples thereof.

The Real Estate Investment Trusts (REITs) are investment vehicles that own or operate income-generating real estate, enabling investors to earn a share of the income produced without directly purchasing the properties.

At present, there are five listed REITs in India- Sattva Group and Blackstone-backed Knowledge Realty Trust (KRT), K Raheja Corp-backed Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Embassy Office Parks REIT and Nexus Select Trust.

Out of the five listed REITs, only Nexus Select Trust is backed by rent-yielding retail real estate (shopping malls) while the other four are office REITs.

The units are expected to be listed on the BSE and NSE on May 15. The basis of allotment is expected to be finalised by May 12, with refunds and credit of units slated around May 13.

The book running lead managers to the issue are JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM and HDFC Bank. (PTI)