Bagmane Reit eyes acquisitions, bets on GCC demand

Blackstone-backed Bagmane Prime Office Reit, which is set to launch its ₹3,405-crore initial public offering (IPO) next week, expects strong leasing momentum led by global capability centres (GCCs) as it looks to acquire assets and grow its portfolio, CEO Richard Hugh Andrew said.

- Madhurima Nandy & Mansi Verma

The IPO, which opens on 5 May, comprises an issue of fresh shares worth ₹2,390 crore and an offer for sale (OFS) worth up to ₹1,015 crore by a Blackstone affiliate. The proceeds from the new shares will be used to part-fund the acquisitions of Luxor at Bagmane Capital Tech Park, a million sq ft completed asset, and a 93% stake in Bagmane Rio Business Park, a 1.1 million sq. ft leased building. India has four listed office Reits-Mindspace Business Parks Reit, Embassy Office Parks Reit, Brookfield India Real Estate Trust (Biret) and Knowledge Realty Trust. Nexus Select trust is the only listed retail Reit in India.