Bengaluru-based developer Bagmane Group, backed by Blackstone, is preparing to file its draft red herring prospectus (DRHP) for a Real Estate Investment Trust (REIT) IPO. The offering aims to raise approximately Rs 4,000 crore. The REIT portfolio consists of 20 million square feet of office properties in Bengaluru, with a gross asset value of Rs 40,000 crore. This would be the fifth office REIT in India, following previous listings by Embassy, Mindspace, Brookfield, and Knowledge Realty.