Bagmane Prime Office REIT Eyes Expansion into Chennai and Delhi Amidst IPO Plans

Bagmane Prime Office REIT, backed by Blackstone, intends to expand into Chennai and Delhi markets. The company projects strong revenue and net operating income growth by 2030 and plans to raise Rs 3,405 crore through an IPO on May 5. Currently, it focuses on Bengaluru but sees expansion opportunities elsewhere.

Bagmane Prime Office REIT is set for significant growth, aiming to expand its footprint beyond Bengaluru into Chennai and Delhi, according to CEO Richard Hugh Andrew. The company expects to leverage profitable opportunities in these markets, backed by substantial financial projections.

Currently focused in Bengaluru, Bagmane Prime Office REIT anticipates a net operating income of Rs 2,675.8 crore by FY27, with major contributions from its various technology and business parks. The company also plans to increase its revenue to Rs 4,424.9 crore by FY30.

As part of this ambitious growth trajectory, the firm will launch an IPO on May 5, aiming to raise Rs 3,405 crore. This includes Rs 2,390 crore from issuing fresh units and Rs 1,015 crore from an offer-for-sale by selling unitholders.