Bagmane Prime Office REIT (BAGMANE) Key Insights, Strengths & Considerations
Bagmane Prime Office REIT — Key Strengths & Highlights
- Appraised Portfolio Scale: Manages an audited Gross Asset Value (GAV) of ₹40,260 Cr with a Current NAV of ₹118.20/unit across 5 core assets (19.6 MSF (20.3 MSF Total)).
- Distribution & Cash Flow Track Record: Has distributed ₹1.50/unit since listing under SEBI's mandatory ≥90% NDCF payout mandate.
- Balance Sheet & Credit Profile: Backed by a CRISIL AAA / ICRA AAA / CARE AAA (Stable) credit rating with consolidated leverage at 4.0% LTV (45.0% headroom below SEBI's standard 49% debt threshold).
- Sponsor & Institutional Alignment: Sponsored by Bagmane Group & Blackstone with a 74.0% sponsor group stake and 22.0% combined FII + DII institutional ownership.
Key Considerations & Watchouts
- Price-to-NAV Valuation Spread: Investors should consider the prevailing discount or over-valuation of the market unit price (reference: ₹107.44) relative to the audited NAV of ₹118.20/unit when assessing entry yield and margin of safety.
- Leverage & Interest Rate Sensitivity: While current leverage (4.0% LTV) is conservative, market unit prices and NDCF yields remain sensitive to RBI policy rate cycles and debt-funded acquisitions.
- Distribution Tax Mix: As a recently listed REIT, full 12-month trailing dividend yield metrics will stabilize after 4 consecutive quarterly distributions.
- Leasing & Occupancy Cycles: Commercial real estate cash flows depend on Weighted Average Lease Expiry (WALE), tenant retention across IT/GCC occupiers, and mark-to-market re-leasing spreads.
Performance & Asset Evolution
Multi-year operational and financial trajectory
Portfolio Leasable Area (MSF)
Comprehensive Historical Metrics Matrix
Year-over-year operational, valuation and cash flow KPIs
| Metric | FY25 | FY26 (Listing) | 7-Yr Trend / CAGR |
|---|---|---|---|
| Total Portfolio Area (MSF) | 17.5 | 19.6 | +12.0% |
| Completed Operating Area (MSF) | 14.8 | 16.6 | +12.2% |
| Audited NAV per Unit (₹) | ₹108.00 | ₹118.20 | +9.4% |
| Annualized DPU (₹ / Unit) | ₹5.20 | ₹5.80 | ₹1.50 (Q1 FY27) |
| Net Operating Income (NOI ₹ Cr) | ₹2,150 | ₹2,642 | +22.9% |
| Gross Asset Value (GAV ₹ Cr) | ₹35,500 | ₹40,260 | +13.4% |
| Committed Occupancy (%) | 98.2% | 98.8% | Industry-High 98.8% |
| WALE (Years) | 8.2 | 8.5 | 8.5 Yrs |
| Loan to Value (LTV %) | 4.5% | 4.0% | Ultra-Low 4.0% |
Unitholding Pattern
Audited unitholder structure as of June 30, 2026
Portfolio Assets Breakdown
Key properties, toll corridors, sub-stations & revenue drivers
| Asset / Property Name | Asset Type | Capacity / Footprint | Occupancy | Key Counterparties / Tenants | GAV Share |
|---|---|---|---|---|---|
Bagmane Tech Park Bengaluru (CV Raman Nagar / Indiranagar) | Campus Office Park | 5.2 MSF | 99.5% | Google, Boeing, Dell, Texas Instruments, Motorola | 28.5% |
Bagmane Constellation Business Park Bengaluru (Outer Ring Road / Marathahalli) | Office Park | 4.2 MSF | 98.6% | Amazon, Samsung, Qualcomm, ARM | 25.0% |
Bagmane World Technology Center (WTC) Bengaluru (Outer Ring Road / Mahadevapura) | Office Park | 3.8 MSF | 98.2% | Nvidia, LinkedIn, Sapient, Volvo | 22.5% |
Bagmane Capital & Solarium City Bengaluru (Whitefield / KR Puram) | Office & Solar Power Park | 2.4 MSF | 97.5% | Oracle, Visa, Cisco Systems | 15.0% |
Bagmane Rio & Goldstone Bengaluru (Outer Ring Road) | Campus Offices | 1.0 MSF | 98.0% | Marquee Global Capability Centres (GCCs) | 9.0% |
Compare Bagmane Prime Office REIT with Peer Indian REITs
Side-by-side comparison across all 6 listed Indian REITs by NAV, GAV, Dividend Yield, Cumulative DPU & LTV
| REIT Name | Category / Sector | Current NAV | GAV (₹ Cr) | Dividend Yield | Cumulative DPU | LTV (%) |
|---|---|---|---|---|---|---|
| Bagmane Prime Office REITBAGMANEViewing | Prime Grade-A+ Bengaluru Tech Parks | ₹118.20 | ₹40,260 | - | ₹1.50 | 4.0% |
| Knowledge Realty TrustKRT | Institutional Grade-A Knowledge Parks & Offices | ₹123.61 | ₹67,411 | - | ₹4.87 | 18.0% |
| Embassy Office Parks REITEMBASSY | Commercial Grade-A Office Parks | ₹491.62 | ₹70,540 | 5.98% | ₹159.31 | 30.0% |
| Mindspace Business Parks REITMINDSPACE | Commercial Grade-A Business Parks | ₹527.00 | ₹47,635 | 5.15% | ₹111.29 | 23.5% |
| Brookfield India Real Estate TrustBIRET | Commercial Grade-A Campus Parks | ₹386.66 | ₹56,500 | 6.22% | ₹112.80 | 32.8% |
| Nexus Select TrustNXST | Urban Consumption & Retail Malls | ₹164.00 | ₹30,600 | 5.80% | ₹26.98 | 14.2% |
Frequently Asked Questions about Bagmane Prime Office REIT
Key facts on Bagmane Prime Office REIT (BAGMANE) NAV, dividend yield, DPU history, LTV leverage, and portfolio assets.
What is the current NAV and Gross Asset Value (GAV) of Bagmane Prime Office REIT (BAGMANE)?
Bagmane Prime Office REIT (NSE: BAGMANE) has an audited Net Asset Value (NAV) of ₹118.20 per unit and an appraised Gross Asset Value (GAV) of ₹40,260 Crore across its prime grade-a+ bengaluru tech parks portfolio (19.6 MSF (20.3 MSF Total)).
What is the dividend yield and DPU of Bagmane Prime Office REIT (BAGMANE)?
Bagmane Prime Office REIT (BAGMANE) has distributed a cumulative DPU of ₹1.50 per unit since listing. Because it is a newly listed REIT, its full-year trailing dividend yield will be computed once 1 year of continuous distributions is completed.
What is the LTV leverage and credit rating of Bagmane Prime Office REIT?
Bagmane Prime Office REIT operates with a consolidated Loan-to-Value (LTV) leverage ratio of 4.0% and holds a CRISIL AAA / ICRA AAA / CARE AAA (Stable) credit rating. Under SEBI regulations, REITs are subject to a 49% standard leverage cap (extendable up to 70% for AAA-rated trusts with 6 consecutive quarterly distributions).
Who is the sponsor and what is the unitholding pattern of Bagmane Prime Office REIT?
As per audited unitholding disclosures (June 30, 2026), the Sponsor & Promoter Group (Bagmane Group & Blackstone) holds 74.0% of units, Foreign Institutional Investors (FIIs) hold 16.5%, Domestic Institutional Investors (DIIs) hold 5.5%, and Public/Retail unitholders hold 4.0%.
How many portfolio assets does Bagmane Prime Office REIT own and operate?
Bagmane Prime Office REIT owns and operates 5 core commercial real estate properties in the Prime Grade-A+ Bengaluru Tech Parks segment. Under SEBI rules, at least 80% of its Gross Asset Value must be invested in completed, revenue-generating assets and at least 90% of Net Distributable Cash Flows (NDCF) must be paid out to unitholders.