Private Equity firm Everstone Capital has tied up with property consultant Jones Lang LaSalle India to provide retail property management services to four shopping malls in the country.
Under this agreement, JLL will provide end-to-end services from ensuring optimal year-round occupancy to creating a superior retailer and customer experience. The malls are spread across Pune, Kochi, Vadodara and Ahmedabad.
Dhanpal Jhaveri, partner and CEO, Everstone Capital Advisors, said, “We are ramping up our business in the real estate domain. Jones Lang LaSalle India will bring in practices which should enhance retailer and customer experience and ensure strong mall occupancies.”
As per the tie-up, the firm will provide complete leasing services as well as take responsibility for operations, customer experience, marketing, property and financial management, for some select shopping malls with total gross leasable area of 1.91 million sq ft. Everstone is an advisor to private equity and real estate funds of approximately $1.7 billion in assets. The tie-up takes effect from October 1.
Anuj Puri, chairman and country head, Jones Lang LaSalle India added, “This tie-up is a benchmark on the real estate market, as it is the first time that a private equity fund has entrusted its entire shopping centre management portfolio to a real estate consulting firm in India”. He said JLL’s retail asset management services platform has been specially designed to ensure optimal year-round occupancy and to enhance the overall mall business proposition.
(Edited by Prem Udayabhanu)