Jones Lang LaSalle (JLL) recently got the green signal from SEBI to launch its first residential focused fund in India. It plans to raise $57 Mn.
JLL got the approval under a new class of pooled-in investment, Alternative Investment Funds (AIFs), which was introduced in May this year and as on August 2012 close to 20 applications were pending with SEBI.
Jones Lang LaSalle is a global real estate services player. The firm offers integrated services to clients seeking by owning, occupying or investing in real estate.
It is spread across 70 countries from over 1000 locations worldwide, including 200 corporate offices and a portfolio of around 1.8 Bn sq.ft held globally.
LaSalle Investment Management is the company’s investment management arm with $45.3 Bn of AUM.
Among peers, Ascendas India Trust (a-iTrust), the India focused realty trust listed on the Singapore Stock Exchange raised S$100 Mn through a follow-on offering earlier in September end.
HDFC Property Fund was planning to raise $500 Mn real estate offshore fund by end of 2012. Inno Group was also raising a new fund to finance the housing project near Chennai last month.
Source: http://www.dealcurry.com/2012109-Jones-Lang-LaSalle-To-Raise-First-Realty-Fund-In-India.htm
