Blackstone and Bagmane Group-backed Bagmane Prime Office REIT has named Richard Hugh Andrew as CEO ahead of its proposed ₹4,000-crore listing. With 20 million sq ft in Bengaluru, 98% occupancy, and strong GCC-led demand, the platform could become India’s sixth listed REIT, deepening institutional participation in commercial real estate.
Blackstone and Bagmane Group-backed Bagmane Prime Office REIT has strengthened its leadership bench as it prepares for a public listing. The office platform has appointed Richard Hugh Andrew as Chief Executive Officer, Ashay Shailesh Shah as Chief Financial Officer, and Raj Kumar T as Chief Operating Officer.
The new team will guide the REIT’s growth strategy, portfolio management, and capital market engagement ahead of its planned debut. The platform has already filed draft papers for a ₹4,000-crore REIT issue and could become India’s sixth listed REIT once it goes public.
The appointments come at a crucial stage, as institutional investors closely track India’s maturing REIT ecosystem. Backed by Blackstone, which has acquired a minority pre-IPO stake in the underlying office portfolio, the platform reflects strong global confidence in Indian commercial real estate.
Experienced Hands at the Helm
Richard Hugh Andrew steps in as CEO with deep global real estate expertise. He has previously worked with Hongkong Land, Eco-Build, and BlackRock, where he was involved in large-scale real estate investment and asset management initiatives. His cross-border experience is expected to help position the REIT strongly with global capital markets.
The finance vertical will be led by Ashay Shailesh Shah, formerly with K Raheja Group. He brings expertise in capital markets, financial structuring, and scaling real estate platforms. Operations will be overseen by Raj Kumar T, who previously worked at the Housing and Urban Development Corporation, bringing infrastructure and large-portfolio management capabilities.
Together, the leadership trio signals institutional-grade governance and operational depth—key factors for public market investors.
Bengaluru-Heavy Portfolio with Strong Fundamentals
The REIT’s portfolio is anchored in Bengaluru and spans around 20 million square feet of Grade-A office space. Nearly 16 million sq ft is already completed across six premium office parks. Current occupancy stands at about 98%, underscoring robust leasing momentum in India’s largest office market.
Multinational corporations account for almost 99% of occupiers, with global capability centres (GCCs) making up roughly 89% of the tenant base. This GCC concentration highlights structural demand from technology, engineering, and global services firms expanding their operations in India.
The portfolio’s gross asset value is estimated at around ₹39,000 crore, with projected net operating income of about ₹2,700 crore in FY27. In addition, the platform has a significant embedded pipeline, including right-of-first-offer assets totalling more than 47 million sq ft across 11 properties, providing future acquisition headroom.
A Boost for India’s REIT Ecosystem
The sponsor, Bagmane Group, has developed nearly 28 million sq ft of commercial office space since 1996 and continues to expand in Bengaluru, one of Asia’s fastest-growing office hubs.
Industry observers believe the proposed listing could further deepen India’s REIT landscape, which has gained traction since the country’s first REIT launch in 2019. If successful, Bagmane Prime Office REIT will join the expanding league of office REITs, reinforcing the role of institutional capital in India’s income-generating commercial assets.
For the flexible workspace and managed office sector, the move sends a clear signal: high-quality, fully leased Grade-A portfolios with strong GCC tenancy continue to attract both global investors and long-term capital, strengthening the backbone of India’s office real estate market.
