Property consultancy company Jones Lang La-Salle (JLL)
India has set up a new entity JLL Segregated Funds Group to raise funds to
invest in the Indian real estate market, and its first fund worth. Rs. 300
crore will be launched soon in the domestic market.
Capital market regulator SEBI (Securities & Exchange Board of India)
has approved the proposed fund, which will be a close-ended one with a 6 year
tenure.
Mridul Upreti, CEO, JLL Segregated Fund Group said,
"It is the first one among a series of funds that we are planning to
launch in the next few months. The proposed fund will focus on city-centric
residential projects with shorter cycles & high-equity returns"
Though the fund will be looking at investments based on
opportunities, the focus will be on residential projects in tier-I cities. It
will be aiming to fetch internal rate of return of about 20 to 25%, and the
average investment size is likely to be nearly Rs. 25 crore to Rs.30 crore.
The property consultant is in the process of appointing
distributors & other intermediaries for the fund - raising exercise.
JLL, a global real estate property consultancy company,
offers services like leasing, buying office space or investing in the Indian
real estate space.
Globally, LaSalle Investment Management, an independent
subsidiary of Jones Lang LaSalle, manages $ 46.7 billion (as of Q2 2012) of
private & public property equity investments, which invests only in real
estate.
There are above half a dozen realty focused funds such as
ICICI Prudential AMC (Joint venture between ICICI Bank & Prudential Plc of
UK), JP Morgan Asset Management, Reliance Portfolio Management Services, ASK
Property Investment Advisor, IDFC & IL&FS that are in the market to
raise fresh or / follow-up funds to deploy in the real estate sector.
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