Bengaluru-based commercial real estate major Bagmane Developers is in talks with investment banks to launch a Real Estate Investment Trust (REIT) IPO, aiming to raise around Rs 4,000 crore.

The IPO will likely include most of its operational and under-construction office assets. A banker syndicate is expected to be finalised soon. If successful, this will be India’s fifth office REIT after Embassy Office Parks, Mindspace Business Parks, Brookfield India REIT, and Blackstone-backed Sattva Group’s Knowledge Realty Trust, which is targeting Rs 6,200 crore in what may be India’s largest REIT IPO.

Bagmane currently has a portfolio of 30 million sq. ft. of operational office space, with an additional five million sq. ft. under development and a land bank capable of adding 31 million sq. ft. The IPO proceeds will be used to repay part or all of the debt linked to properties forming the REIT.

Founded in 1996, Bagmane’s marquee properties include Bagmane Tech Park, Bagmane World Technology Centre, Constellation Business Park, and Solarium City. Tenants include global firms like Google, Amazon, Microsoft, Cisco, Boeing, PwC, and Accenture.