Leading property consultant Jones Lang LaSalle's Segregated Funds Group has achieved the
first close of its maiden real estate fund in India. The Residential Opportunities Fund-I, had raised Rs101 cr
commitments in its first closing, in line with the R300 Cr total fund raising
target.The fund will invest in the residential sector in prominent location
across seven cities in India, namely Delhi NCR, Mumbai Metropolitan Region
(MMR), Bengaluru, Chennai, Kolkata, Hyderabad and Pune.
Segregated Funds Group had also confirmed on investing R30
Cr from the R300 Cr fund in city-centric luxury residential project in
Bangalore.
Jones Lang LaSalle is a financial and professional services
firm specializing in real estate services. With annual revenue of $3.9 Bn, and
operates in 70 countries from more than 1,000 locations worldwide.
LaSalle Investment Management, an independent subsidiary of
Jones Lang LaSalle, manages $46.7 bn of private and public property equity
investments, which invest only in real estate.
The segregated funds group is Jones Lang LaSalle's
investment management business in India. It is a new entity setup by the global
consultancy firm to raise a series of funds with dedicated investment themes
for the Indian Real Estate Market.
Last month, The Capital Markets division of leading
international property consultants JLL India had successfully concluded its
largest M&A real estate deal in Pune for 2013.
LaSalle Investment Management also raised £238 Mn 'LaSalle
Residential Finance I'.
In April, Jones Lang LaSalle (JLL) planned to raise a second
fund which would focus on commercial real estate with corpus of R1,200 Cr. The
fund was expected to be launched by the end of the year.
Last year, JLL had got the green signal from SEBI to launch
its first residential focused fund in India. It planned to raise $57 Mn.
According to management consulting firm, Bain &
Company's latest report on private equity in India, real estate investments
have halved, from $3.4 Bn in 2011 to $1.8 Bn in 2012.
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