A private equity firm, in collaboration with a Bengaluru-based real estate developer, has filed the draft red herring prospectus (DRHP) for their Real Estate Investment Trust (REIT).

The proposed ?7,000 crore issuance is expected to become the largest REIT offering in India by net operating income (NOI) and gross asset value (GAV). The REIT's portfolio is projected to comprise approximately 48–50 million sq ft of commercial office space across Mumbai, Bengaluru, Hyderabad, and Pune. The private equity firm will hold a 55% equity stake in the REIT, with the developer retaining the remaining 45%.

The IPO aims to raise ?6,200 crore, with a portion of the proceeds allocated to repaying existing debt and funding future acquisitions. The REIT's projected net operating income (NOI) for FY26 is expected to be ?2,652 crore, rising to ?2,946 crore by FY27. The remaining ?800 crore from the total issue size will be utilized for general corporate purposes and issue-related expenses, including underwriting fees, listing fees, and regulatory costs.

The IPO is being managed by multiple investment banks and financial institutions. The REIT is sponsored jointly by the private equity firm and the real estate developer. The issue will constitute at least a minimum percentage of the total outstanding units on a post-issue basis, ensuring broad market participation.

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