Blackstone-backed Bagmane Prime Office REIT’s files DRHP for ₹4,000 cr IPO to fund 2 major acquisitions

Core Viewpoint - Bagmane Prime Office REIT, backed by Blackstone and Bagmane Group, is set to launch an IPO worth ₹4,000 crore, consisting of a fresh issue and an offer for sale [1] Group 1: IPO Details - The IPO will include a fresh issue of ₹3,000 crore and an offer for sale (OFS) component of ₹1,000 crore [1] - The net proceeds from the IPO will be used to acquire Luxor at Bagmane Capital Tech Park for ₹1,775 crore and to partially fund the acquisition of a 93% stake in Bagmane Rio for up to ₹1,025 crore [2] Group 2: Portfolio and Occupancy - Bagmane Office REIT has a portfolio of six premium Grade A+ business parks totaling 20.3 million sq ft, with 16.1 million sq ft completed and 0.7 million sq ft of two under-construction hotels [3] - As of June 30, 2025, the portfolio boasts a committed occupancy rate of 97.9% [3] Group 3: Tenants and Asset Value - The REIT features prominent tenants such as Google, Amazon, and Nvidia, with 95.8% of the 6.3 million sq ft leased to existing tenants between April 2022 and June 2025 [4] - The gross asset value (GAV) of the REIT is ₹38,790 crore as of June 30, 2025 [4] Group 4: Market Context - The Indian REIT market is experiencing growth, with the sector expanding rapidly since the first listing in 2019, outperforming peers in Singapore, Japan, and Hong Kong with a five-year annualized price return of over 8.9% [5] - Another Blackstone-backed entity, Horizon Industrial Parks, has also filed for a ₹2,600 crore IPO [6]