Bagmane Prime Office REIT Announces ₹527 Crore Distribution for Q2 Following Strong Leasing Activity

Bagmane Prime Office REIT has declared a distribution of ₹527 crore to unitholders for the quarter ended September. According to a regulatory filing, the company's board declared a distribution of ₹1.55 per unit.

During the second quarter of the fiscal year, the company leased 1.2 million square feet. This total includes 0.6 million square feet of pre-leasing, which helped raise committed occupancy to 99 percent. Out of the total gross leasing volume, 96 percent was attributed to Global Capability Centres (GCCs).

The leases were secured at an average rent of ₹166 per square foot per month, which is 2 percent higher than prevailing market rents. For the September quarter, Bagmane reported a revenue from operations of ₹765 crore, while net operating income stood at ₹684.4 crore.

Hugh Andrew, Chief Executive Officer of Bagmane Prime Office REIT, noted that leasing 1.2 million square feet in a single quarter—with half committed before building completion—demonstrates demand from global occupiers. He added that GCCs continue to select Bengaluru and prefer quality, scale, and reliable landlords.

Ashay Shah, Chief Financial Officer of Bagmane Prime Office REIT, stated that this represents the company's first full quarter results since listing. With the ₹1.55 per unit declaration for the second quarter, total distributions for the first half of the fiscal year have reached ₹3.05 per unit.

Bagmane Prime Office REIT owns, operates, and manages Grade A+ commercial office business parks located in Bengaluru, Karnataka.

"The financial performance reported by Bagmane Prime Office REIT highlights the strong underlying demand for Grade A+ commercial real estate in Bengaluru, particularly driven by Global Capability Centres. Achieving 99 percent committed occupancy alongside a steady income distribution of ₹1.55 per unit reflects stable operational fundamentals following their public listing. Maintaining rental yields above prevailing market rates demonstrates solid asset quality and pricing power in key urban commercial markets." — Dr. Shishir Gupta, Founder & CEO, StartupLanes