Bagmane REIT identifies 47+ msf ROFO area across three cities

Bagmane REIT has identified a right-of-first-offer (ROFO) pipeline of more than 47 million square feet (msf) of total leasable area across Bengaluru, Chennai and Delhi, with the 11 named assets adding to 47.3 msf. Four assets representing 25.9 msf have development-stage detail, while no acquisition terms or exercise schedule are disclosed.

What is Bagmane REIT's ROFO pipeline?

Bagmane REIT's ROFO pipeline is more than 47 msf of total leasable area across three cities. The presentation labels the aggregate as “47+ msf”, while the areas listed for the 11 named assets total 47.3 msf. The identified markets are Bengaluru, Chennai and Delhi, including Outer Ring Road (ORR), Whitefield, central business district (CBD) and North Bengaluru locations.

The ROFO list comprises Bagmane Capital Tech Park at 7.1 msf, Bagmane Solarium City at 9.0 msf, Bagmane Capital South at 2.2 msf and Bagmane Sierra Business District at 7.6 msf. A further seven named assets account for 21.4 msf. Bagmane REIT does not disclose purchase consideration, funding arrangements, transaction conditions or dates for exercising a ROFO right over any of these properties.

Which Bagmane REIT ROFO assets have development-stage detail?

Bagmane REIT provides completed, under-development and future-development splits for four ROFO assets totalling 25.9 msf. Those properties include 8.2 msf of completed area, 6.7 msf under development and 11.0 msf of future development. Therefore, 17.7 msf of the detailed group is either under development or planned for future development rather than completed.

Bagmane Capital Tech Park contains the largest disclosed completed component at 5.0 msf, alongside 2.1 msf under development. Bagmane Sierra Business District has the largest future-development component at 6.5 msf, compared with 4.5 msf at Bagmane Solarium City. Bagmane Capital South is entirely under development at 2.2 msf, while Bagmane Solarium City combines completed, under-development and future-development area.

Where are Bagmane REIT's ROFO assets located?

Bagmane REIT's listed ROFO assets are concentrated in Bengaluru, which accounts for 41.2 msf of the 47.3 msf total derived from the individual figures. This includes 7.1 msf at Bagmane Capital Tech Park on ORR, 9.0 msf at Bagmane Solarium City in Whitefield, 2.2 msf at Bagmane Capital South on ORR and 7.6 msf at Bagmane Sierra Business District in North Bengaluru.

Four additional Bengaluru assets contribute 15.3 msf: Bagmane Encore Business Park at 2.3 msf on ORR, Bagmane District 1862 at 2.3 msf in the CBD, Bagmane Spectrum at 6.3 msf in North Bengaluru and Bagmane Luminary at 4.4 msf in Whitefield. Chennai contributes 4.3 msf through Viva Tech Park at 3.7 msf on OMR and Bagmane Fintech City at 0.6 msf on Mount Poonamallee Road. Delhi contributes 1.8 msf through Bagmane Aerowest in Dwarka.

How does Bagmane REIT's ROFO area compare with its development pipeline?

Bagmane REIT's 47+ msf ROFO pipeline is separate from its 1.0 msf under-development and 2.0 msf future-development pipeline. The development presentation also identifies 0.6 msf as pre-leased. The ROFO list identifies properties over which Bagmane REIT may have rights, whereas the development pages set out projects already described as part of the development pipeline.

Within the current development programme, Cosmos-Ceres is expected to complete in Q3 FY27 and was 54% pre-leased, with Rs 90 crore of balance cost as of September 30, 2026. Cosmos-Aurora is expected to complete in Q4 FY27, was 63% pre-leased and had Rs 140 crore of balance cost. These scheduled completions apply to the separate development programme, not to a disclosed timetable for any ROFO acquisition.

What does Bagmane REIT not disclose about the ROFO assets?

Bagmane REIT does not disclose a transaction value, acquisition funding plan or exercise timetable for the 47+ msf ROFO pipeline. It also provides development-stage splits for only 25.9 msf of the 47.3 msf summed from the named asset list. The remaining 21.4 msf covers seven assets for which the presentation gives total leasable area and location but no completed, under-development or future-development breakdown.

Bagmane REIT separately identifies projects intended to support its office portfolio and drive net operating income (NOI). The Chitradurga solar project has 72.5 megawatts of direct-current capacity, Rs 70 crore of balance cost and estimated completion by Q3 FY27. The hospitality development has 607 keys, Rs 820 crore of balance cost and estimated completion by FY29; its three basements were completed and its lower ground floor was in progress.

Conclusion

Bagmane REIT has identified a 47+ msf ROFO opportunity across 11 named properties and three cities, with Bengaluru contributing 41.2 msf based on the listed areas. For the four properties with stage-level information, 8.2 msf is completed and 17.7 msf is under development or future development, showing that the disclosed opportunity includes both existing and prospective area.

The next disclosed operating-development milestones are Q3 FY27 for Cosmos-Ceres and the 72.5-megawatt solar project, Q4 FY27 for Cosmos-Aurora and FY29 for the 607-key hospitality project. What remains unresolved is whether Bagmane REIT will pursue any ROFO asset and, if it does, the value, timing and funding terms of a transaction.