JLL India Enters Retail Real Estate Market with Everstone Tie-Up
Jones Lang LaSalle (JLL) India has marked its entry into the Indian retail real estate market through a strategic partnership with Everstone, a leading Private Equity (PE) firm and real estate advisor. This collaboration aims to construct and launch four shopping malls in key Indian cities: Vadodara, Kochi, Pune, and Ahmedabad, with a combined leasable area of 1.91 million sq. ft.
Partnership Details
- Commencement Date: 1st October 2012
- Project Completion: Expected within five years (by 2017)
- Key Responsibilities:
- JLL India: Ensuring superior retailer and customer experience through year-round operations.
- Everstone: Handling marketing, leasing, property, and financial management services.
Stakeholder Insights
Everstone Capital Advisors’ CEO, Dhanpal Jhaveri
- Expects JLL to bring global best practices to enhance retailer and customer experience, ensuring high occupancies for the shopping malls.
- Sees this partnership as a catalyst for ramping up their realty business.
Jones Lang LaSalle India’s Chairman & Country Head, Anuj Puri
- Views this tie-up as a benchmark in the Indian realty market, highlighting the first instance of a real estate consulting firm being entrusted with the complete shopping mall management portfolio by a PE firm.
Market Impact
This partnership is anticipated to alleviate the scarcity of leasable land for commercial purposes in Kochi, Pune, Ahmedabad, and Vadodara, offering a total of 1.91 million sq. ft. of leasable area upon completion.