Bengaluru: Blackstone and Bagmane Group-backed Bagmane Prime Office REIT has appointed Richard Hugh Andrew as Chief Executive Officer as it prepares for its proposed public listing, with Ashay Shailesh Shah named Chief Financial Officer and Raj Kumar T appointed Chief Operating Officer. The leadership team will steer the REIT’s growth strategy, portfolio management and capital market engagement ahead of its planned market debut.
The appointments come at a time when the office platform has filed draft papers for a ₹4,000-crore Real Estate Investment Trust (REIT) issue, which could become India’s sixth listed REIT once it hits the market. Blackstone has backed the platform and acquired a minority pre-IPO stake in the underlying office portfolio, signalling strong institutional interest in India’s commercial real estate sector.
Andrew, who will lead the REIT as CEO, brings extensive global real estate experience. He has previously worked with firms including Hongkong Land, Eco-Build, and BlackRock, where he was involved in large-scale real estate investment and asset management initiatives.
The finance function will be led by Ashay Shailesh Shah, who earlier served with K Raheja Group, bringing deep experience in capital markets, financial structuring and real estate platform scaling. Meanwhile, operations will be overseen by Raj Kumar T, who previously worked with HUDCO, adding infrastructure and large-portfolio management expertise to the team.
The REIT’s portfolio is anchored in Bengaluru and includes around 20 million square feet of Grade-A office space, of which nearly 16 million sq ft is already completed across six premium office parks. The portfolio currently enjoys an occupancy level of about 98%, highlighting strong tenant demand in India’s largest office market.
Multinational corporations account for nearly 99% of occupiers, with global capability centres (GCCs) making up roughly 89% of the tenant base, underscoring the structural demand from technology, engineering and global services companies expanding their India operations.
The REIT’s gross asset value is estimated at about ₹39,000 crore, with projected net operating income of around ₹2,700 crore in FY27. The platform also has a strong embedded growth pipeline, including right-of-first-offer assets exceeding 47 million sq ft across 11 properties, providing potential future acquisitions for the trust.
The sponsor group — Bagmane Group — has developed nearly 28 million sq ft of commercial office space since its founding in 1996 and continues to expand its office portfolio across Bengaluru, one of Asia’s fastest-growing office markets.
Industry experts say the upcoming listing could further deepen India’s REIT ecosystem, which has gained momentum since the launch of the country’s first listed REIT in 2019. With global investors increasingly using REITs as vehicles to access income-generating office assets, the Bagmane platform is expected to add another large institutional-grade portfolio to the public markets.
If listed successfully, the REIT will join the growing league of office REITs in India and further strengthen the role of institutional capital in the country’s commercial real estate sector.
The appointments come at a time when the office platform has filed draft papers for a ₹4,000-crore Real Estate Investment Trust (REIT) issue, which could become India’s sixth listed REIT once it hits the market. Blackstone has backed the platform and acquired a minority pre-IPO stake in the underlying office portfolio, signalling strong institutional interest in India’s commercial real estate sector.
Andrew, who will lead the REIT as CEO, brings extensive global real estate experience. He has previously worked with firms including Hongkong Land, Eco-Build, and BlackRock, where he was involved in large-scale real estate investment and asset management initiatives.
The finance function will be led by Ashay Shailesh Shah, who earlier served with K Raheja Group, bringing deep experience in capital markets, financial structuring and real estate platform scaling. Meanwhile, operations will be overseen by Raj Kumar T, who previously worked with HUDCO, adding infrastructure and large-portfolio management expertise to the team.
The REIT’s portfolio is anchored in Bengaluru and includes around 20 million square feet of Grade-A office space, of which nearly 16 million sq ft is already completed across six premium office parks. The portfolio currently enjoys an occupancy level of about 98%, highlighting strong tenant demand in India’s largest office market.
Multinational corporations account for nearly 99% of occupiers, with global capability centres (GCCs) making up roughly 89% of the tenant base, underscoring the structural demand from technology, engineering and global services companies expanding their India operations.
The REIT’s gross asset value is estimated at about ₹39,000 crore, with projected net operating income of around ₹2,700 crore in FY27. The platform also has a strong embedded growth pipeline, including right-of-first-offer assets exceeding 47 million sq ft across 11 properties, providing potential future acquisitions for the trust.
The sponsor group — Bagmane Group — has developed nearly 28 million sq ft of commercial office space since its founding in 1996 and continues to expand its office portfolio across Bengaluru, one of Asia’s fastest-growing office markets.
Industry experts say the upcoming listing could further deepen India’s REIT ecosystem, which has gained momentum since the launch of the country’s first listed REIT in 2019. With global investors increasingly using REITs as vehicles to access income-generating office assets, the Bagmane platform is expected to add another large institutional-grade portfolio to the public markets.
If listed successfully, the REIT will join the growing league of office REITs in India and further strengthen the role of institutional capital in the country’s commercial real estate sector.
