 "PE firm Everstone ties up with Jones Lang LaSalle India")
Property consulting firm Jones Lang LaSalle has forayed into the retail property management services space by tying up with private equity and real estate advisor Everstone for providing end-to-end services for four shopping malls at Pune, Kochi, Vadodara and Ahmedabad for the next five years.
The tie-up for retail property management services will commence from 1 October 2012 for the four malls which have a total gross leasable area of 1.91 million sq. ft.
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The tie up marks the launch of JLL’s retail asset management module in India[/caption]
Under the contract, Jones Lang LaSalle India will ensure optimal year-round occupancy to create and maintain a superior retailer and customer experience. The consulting firm will be responsible for marketing and operations along with providing leasing, property and financial management services.
“We are ramping up our business in the real estate domain. Jones Lang LaSalle India will bring in global best practices which should enhance retailer and customer experience and ensure strong mall occupancies.” said Dhanpal Jhaveri, Partner and CEO - Everstone Capital Advisors.
“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,” said Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India.
The tie-up for retail property management services will commence from 1 October 1, 2012, for the following shopping malls having total gross leasable area of 1.91 million sq. ft.