CCI Clears Bagmane Prime Office REIT’s Acquisition of Stake in Bagmane Developers and Related Entities

Bagmane Prime Office REIT is a real estate investment trust registered with the Securities and Exchange Board of India (SEBI) on 15 July 2025 under the REIT Regulations.

The Competition Commission of India (CCI) has approved a proposed combination involving the acquisition of certain stakes by Bagmane Prime Office REIT in Bagmane Developers Private Limited and related entities.

Structure of the Transaction

The approved transaction includes several components:

1. Direct acquisition of Bagmane Developers Private Limited (BDPL) by Bagmane Prime Office REIT.

   • This acquisition also includes BDPL’s wholly owned subsidiary, Bagmane Green Power LLP (BGPL).

2. Indirect acquisition of Bagmane Rio Private Limited (BRPL) by the REIT.

3. Indirect acquisition of Luxor @ Bagmane Capital Tech Park, a commercial real estate asset currently owned by Bagmane Constructions Private Limited, through BDPL.

4. As part of the transaction, the Sponsor Group of the Acquirer REIT and certain third-party shareholders of the target entities will receive units of Bagmane Prime Office REIT in exchange for transferring their shareholding.

The entities involved in the transaction—BDPL, BRPL and BGPL—are collectively referred to as the target entities.

About the Acquirer

Bagmane Prime Office REIT is a real estate investment trust registered with the Securities and Exchange Board of India (SEBI) on 15 July 2025 under the REIT Regulations.

REITs are investment vehicles that allow investors to participate in income-generating real estate assets, particularly commercial office properties.

Business of Target Entities

The target entities are engaged in several related sectors, including:

• Development and leasing of commercial real estate

• Hospitality operations

• Allied services such as renewable energy generation

Their portfolio includes commercial office assets such as Bagmane Capital Tech Park, a major technology and office campus.

Regulatory Clearance

The CCI’s approval indicates that the proposed transaction does not raise competition concerns in the relevant markets, allowing the acquisition to proceed.

The deal is expected to strengthen the commercial real estate portfolio of Bagmane Prime Office REIT, while enabling investors to participate in high-quality office assets through the REIT structure.