Anuj Puri’s Anarock Property Consultants on Tuesday said it has merged Shobhit Agarwal’s real estate investment banking firm ANB Capital Advisors with itself in a move that reunites the two former executives of global real estate consultancy Jones Lang LaSalle (JLL).
ANB Capital Advisors was launched in January 2018 by Agarwal, who had previously served as managing director, capital market, and international director at JLL India for 17 years. He will now head the merged entity, Anarock Capital, as managing director and chief executive. Puri worked with JLL for about 10 years and quit as the country head and chairman of JLL India in January 2017. Subsequently, he bought JLL’s Indian residential brokerage and private equity businesses and renamed them Anarock Property Consultants.
With the current merger, Anarock Property Consultants takes a major step towards expansion, the company said in a release.
Puri, chairman of Anarock Property Consultants, said the merged entity would fill the massive investment banking advisory gap that exists in a market redefined by Real Estate Regulatory Authority.
Anarock Capital would provide services in real estate investment banking as well as financial management of big-ticket mergers, acquisitions and restructurings.
“There is over $150 billion of capital to be traded in Indian real estate over the next five years. And with our collective expertise, existing exposure and resources, we are perfectly poised to capture a major share of it,” said Agarwal.
Earlier this year in January, another former JLL executive Santhosh Kumar was named group vice-chairman of Anarock Property Consultants.
Anarock Property Consultants
The firm operates in all key property markets across India, including Mumbai, Chennai, Bengaluru, Gurugram, Noida, Hyderabad, Kolkata and Pune. It also has a presence in Dubai.
It provides broking and advisory services to clients, investment services, debt, equity and mezzanine funding, as well as research and consulting for residential real estate.
In August 2017, Anarock Property Consultants had acquired the local operations of Australian realty broking firm LJ Hooker under the Redwoods brand.
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