Bagmane REIT eyes Chennai and Delhi expansion ahead of ₹3,405 crore IPO

Bagmane Prime Office REIT, backed by global investment firm , is preparing to expand beyond Bengaluru into key markets such as Chennai and Delhi, as it gears up for its upcoming initial public offering. The move signals the company’s intent to diversify its commercial real estate portfolio and tap into high-growth urban corridors across India.

Currently concentrated in Bengaluru, the REIT has built a strong portfolio of premium office assets. However, according to CEO Richard Hugh Andrew, the company sees significant long-term potential in cities like Chennai and Delhi, driven by sustained demand for high-quality office spaces, improving infrastructure, and evolving corporate requirements.

Bagmane REIT is targeting a net operating income of ₹2,675.8 crore in FY27, with a major contribution expected from its existing Bengaluru assets. Key contributors include Bagmane Tech Park, Bagmane World Technology Centre, and Bagmane Constellation Business Park. The company also derives a portion of its income from solar park assets, indicating a diversified revenue approach.

Looking ahead, the REIT expects steady income growth, with projections indicating revenue rising to over ₹4,400 crore by FY30. The expansion into Chennai is particularly significant, given the city’s growing importance as a commercial and IT hub in South India. Delhi, meanwhile, offers access to a large corporate base and government-linked demand, making it a strategic addition to the portfolio.

The IPO, scheduled to open on May 5, aims to raise ₹3,405 crore. The issue includes both fresh unit issuance and an offer-for-sale component, allowing existing investors to partially exit while funding future growth.

With a clear focus on expansion, strong asset backing, and stable income visibility, Bagmane Prime Office REIT is positioning itself as a key player in India’s commercial real estate investment landscape. The planned entry into Chennai further reinforces the city’s growing prominence in the country’s real estate sector.