Realty consultant Jones Lang LaSalle India’s (JLL) PE investment arm JLL Segregated Funds Group has struck its debut deal from its recently raised realty fund by committing Rs 24 crore (just under $4 million) to a residential project of Bangalore-based Assetz Property Group.
JLL made the final close of its maiden real estate fund in the country by raising Rs 160.75 crore ($26 million). When launched in 2012, the fund had a target corpus of Rs 300 crore and was planning to invest across 10-15 deals. On an average the fund will invest Rs 25-30 crore per project.
VCCircle had earlier reported that the firm is in talks for its first deal in a project in Bangalore.
The fund, Residential Opportunities Fund –I invested in a premium residential project spread over six acres, located near Marathahalli junction, East Bangalore, which is a major development corridor housing prominent IT companies like Intel, Accenture, CISCO, Wipro, etc.
"We are happy to partner with Assetz Property Group and believe in their institutional approach to developing, managing and delivering real estate. Furthermore, we see a good potential for residential projects located in prominent micro markets in Bangalore," said Mridul Upreti, CEO, JLL Segregated Funds Group.
Assetz Property Group, a real estate development company, undertakes projects in residential, commercial and mixed use asset classes. It also acts as a full-service development management service provider for complex, investment grade projects.
The group has developed over 3.5 million sq ft across IT, office and residential sectors and is currently developing over 7 million sq ft of predominantly residential projects across Bangalore.
(Edited by Joby Puthuparampil Johnson)