Jones Lang LaSalle (JLL) India forays into the retail real estate India market with the company’s tie up with Everstone, one of the leading Private Equity (PE) firms and real estate advisors of India. Both the companies will collaborate in the construction and launch of four shopping malls at four main cities of India namely Vadodara, Kochi, Pune and Ahmedabad. These shopping mall projects are to be finished by 2017 or within a span of five years.
Jones Lang LaSalle’s entry into the real estate property management services primarily targets retail sector. The tie up will commence from the very first of day of October 2012. The four shopping malls will have a space of 1.91 million sq. ft. for leasing.
Moreover the tie up is turned as the launch of retail asset management module of JLL in India. As per the contract JLL India has to ensure, create and maintain a superior retailer and customer experience. This will be done in year-round way. Marketing, leasing, property and financial management services will remain as the responsibility of the other firm.
Everstone Capital Advisors’ Partner and CEO Dhanpal Jhaveri opinioned that Jones Lang LaSalle would fetch best global real estate practices to enhance and enrich retailer and customer experience for the firm. He also hoped that this will ensure occupancies of shopping malls. He added that this will help them ramp up in the realty business.
On the other hand Chairman & Country Head of Jones Lang LaSalle India, Anuj Puri sees this tie up as a benchmark on the realty market. He pointed out that this tie up was the pioneer incident of such cases where a real estate consulting firm in India has been wholly entrusted the complete shopping mall management portfolio by a PE firm.
The tie up which will commence from 01 Oct 2012 for the shopping malls will provide a total leas-able area of 1.91 million sq. ft. in cities like Kochi, Pune, Ahmedabad and Vadodara. At least this will reduce the scarcity of leas-able land for commercial purposes.