Bagmane REIT

Name

Bagmane REIT

Legal name

Bagmane Prime Office REIT

Website

https://bagmanereit.com

Company type

Public

Founded year

2026

Operating status

Ipo

Headcount range

1–10 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Rental Income from Office Leases: Primary revenue from leasing Grade A+ office space to multinational corporations and GCCs on long-term contracts. Tenants include Google, Amazon, Nvidia, Samsung, Microsoft and other Fortune 500 companies. Rental income is supplemented by rent escalations (typically 15% every 3 years) and parking space rentals.
2. Hospitality and Ancillary Services: Revenue from hospitality assets including 2 hotels under development (607 keys total) within business park ecosystems to support business travel and tenant retention
3. Solar Energy Generation: Revenue from solar power generation across 4 solar parks totaling 164.4 MW DC capacity, contributing to 43% renewable energy mix in portfolio

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Bagmane Prime Office REIT owns, develops, and leases a portfolio of six premium Grade A+ business parks totaling 19.6 msf of leasable area in Bengaluru, primarily catering to Global Capability Centres (GCCs) and Fortune 500 multinational corporations on long-term leases. The REIT also operates 164.4 MW DC of solar assets across Karnataka and has two hotels (607 keys) under construction to support tenant business travel and MICE demand.

Product overview

Bagmane Prime Office REIT is a pure-play Grade A+ commercial office REIT that operates as a unified platform holding six premium business park assets across Bengaluru, supplemented by two hospitality assets (hotels under construction) and a renewable energy portfolio (solar parks). The core product is the portfolio of six Grade A+ business parks totaling 19.6 msf of leasable area — Bagmane World Technology Centre (4.5 msf, ORR), Bagmane Constellation Business Park (5.0 msf, ORR), Bagmane Rio Business Park (1.1 msf, ORR), Luxor @ Bagmane Capital Tech Park (1.0 msf, ORR), Bagmane Tech Park (4.4 msf, SBD City), and Bagmane Cosmos Business Park (3.6 msf, SBD City). These are complemented by two hotels under construction within the Bagmane World Technology Centre campus (207-key luxury and 400-key upscale) and four solar parks (164.4 MW DC) that supply renewable energy to the portfolio. The REIT listed on Indian stock exchanges in May 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Bagmane World Technology Centre A 4.5 msf Grade A+ business park on Bengaluru's ORR corridor (Mahadevapura) featuring 11 buildings across 30.9 acres with 98.2% committed occupancy and two hotels under construction (607 keys) for MICE and business travel. Targeted at large enterprises seeking premium, sustainably-certified workspace.
• Bagmane Constellation Business Park A 5.0 msf Grade A+ business park on Bengaluru's ORR corridor spanning 36.4 acres across 8 buildings with 100% committed occupancy. Marquee tenants include Amazon (across 5 buildings, 41.3% of area), Google, Samsung, and Qualcomm.
• Bagmane Rio Business Park A 1.1 msf Grade A+ built-to-suit (BTS) office campus on Bengaluru's ORR corridor, fully leased to Google (India DeepMind HQ) with 100% occupancy and an 11-year WALE. Features the world's largest electrochromic auto-tinting glass facade across its 9.0-acre campus.
• Luxor @ Bagmane Capital Tech Park A 1.0 msf Grade A+ business park on Bengaluru's ORR corridor within the 50.1-acre Bagmane Capital Tech Park with 100% committed occupancy. Features two towers (North & South) with column-free floorplates, anchored by Google (31.8%) and Microsoft (29.5%).
• Bagmane Tech Park

Quantifiable outcome

• 23.71x oversubscription of IPO with over 2 lakh applications - highest ever for REIT IPO in India
• +5 more outcomes

Named customers18 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

15 partnerships are on record, tiered core.

• Axis Trustee Services LimitedcoreOthersREIT Trustee ensuring compliance with SEBI regulations and safeguarding investor interests. SEBI Registration No. IND000000494.
• KFin Technologies LimitedcoreOthersRegistrar and Transfer Agent (RTA) managing unit holder records, transfers, and investor services.
• S.R. Batliboi & Associates LLPcoreOthersStatutory auditor re-appointed for four-year term covering FY 2026-27 to FY 2029-30, subject to unitholder approval.
• KZEN Valtech Private LimitedcoreOthersAppointed as valuer for FY 2026-27 to 2028-29, subject to unitholder approval.
• Jones Lang Lasalle Property Consultants (India) Private LimitedcoreOthersAppointed as independent property consultant for FY 2026-27, subject to unitholder approval.
• JM FinancialcoreChannel Partner/ Reseller/ DistributorBook running lead manager for the REIT IPO.
• Kotak Mahindra CapitalcoreChannel Partner/ Reseller/ DistributorBook running lead manager for the REIT IPO.
• Axis CapitalcoreChannel Partner/ Reseller/ DistributorBook running lead manager for the REIT IPO.
• IIFL CapitalcoreChannel Partner/ Reseller/ DistributorBook running lead manager for the REIT IPO.
• SBI Capital MarketscoreChannel Partner/ Reseller/ DistributorBook running lead manager for the REIT IPO.
• 360 ONE WAMcoreChannel Partner/ Reseller/ DistributorBook running lead manager for the REIT IPO.
• HDFC BankcoreChannel Partner/ Reseller/ DistributorBook running lead manager for the REIT IPO.
• White & Case LLPcoreImplementation/ SI/ Consulting PartnerSole international counsel for Bagmane Prime Office REIT's INR 34.05 billion IPO on Indian stock exchanges.
• ICRA LimitedcoreOthersCredit rating agency providing ICRA AAA (Stable) rating for the REIT and ICRA AA (Stable) for sponsor.
• CARE Ratings LimitedcoreOthersCredit rating agency providing CARE AAA (Stable) rating for the REIT and CARE AA (Stable) for sponsor.

Scale indicators17 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• DLF Limited: India's largest listed real estate developer with significant Grade A commercial office exposure across major cities. While not REIT-structured and broader in scope (residential plus commercial), DLF competes with Bagmane for large-format office tenants and BTS opportunities, especially in Gurugram and Bengaluru.
• Prestige Estates Projects: Large Indian listed developer with diversified residential, retail, hospitality, and commercial office portfolio including Grade A assets in Bengaluru. Comparable as a Bengaluru-based commercial real estate owner/developer with overlapping tenant base, though not REIT-structured.
• Nexus Select Trust: India's first listed retail REIT, also Blackstone-backed. While focused on retail malls rather than offices, it is a comparable listed REIT vehicle for institutional investors and offers a related capital-markets benchmark for Indian REIT yields and growth profiles.
• Hongkong Land: Hong Kong-listed owner and developer of Grade A office assets across Asia. Comparable as a high-end office landlord with similar tenant quality profile and capital allocation discipline; the CEO of Bagmane REIT is a former Hongkong Land executive, indicating direct pedigree overlap.

Direct peers

• Embassy Office Parks REIT: India's first listed REIT and largest office REIT by area, operating a portfolio of Grade A office parks across Bengaluru, Mumbai, Pune, and Chennai. Closest direct competitor to Bagmane, also Blackstone-sponsored, with overlapping Bengaluru micro-markets and similar Fortune 500/GCC tenant base.
• Mindspace Business Parks REIT: Listed Indian office REIT (sponsored by K Raheja Corp) operating Grade A office parks across Mumbai, Bengaluru, Hyderabad, Chennai, and Pune. Directly comparable in business model, target tenant base (large MNCs/GCCs), and REIT structure, with strong overlap in Bengaluru micro-markets.
• Brookfield India Real Estate Trust (BIRET): Listed Indian office REIT sponsored by Brookfield, operating Grade A office parks across Mumbai, Gurugram, Bengaluru, and Kolkata. Comparable in product category, leasing model, and tenant profile (multinational occupiers), making it a direct competitor for new leasing wins and acquisitions.

Regional players

• Mapletree Pan Asia Commercial Trust: Singapore-listed diversified commercial REIT with Grade A office exposure. Comparable as a pan-Asia commercial REIT vehicle for institutional yield-seeking capital, providing a benchmark for valuation multiples and investor appetite for listed office exposure.
• CapitaLand Integrated Commercial Trust: Singapore-listed REIT owning Grade A office and retail assets primarily in Singapore. Comparable in product type (Grade A+ office REIT model), tenant base quality, and ESG positioning, providing a regional benchmark for asset quality and yield profile.
• CapitaLand India Trust (formerly Ascendas India Trust): Singapore-listed REIT with India-focused IT/business park portfolio across Bengaluru, Chennai, Hyderabad, and Pune. Directly comparable in office category and India strategy, serving similar GCC/multinational tenant base, though listed offshore rather than on Indian exchanges.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bagmane REIT