JLL India’s investment arm to raise Rs120 crore for its second fund by April1 min read . Updated: 23 Mar 2016, 02:36 AM IST
JLL Segregated Funds Group started raising its new fund with a target corpus of Rs300 crore late last year
Bengaluru: JLL India’s investment arm Segregated Funds Group plans to raise the first tranche of around ₹ 120 crore for its second fund, Residential Opportunities Fund-II, by April in a competitive fund-raising environment for real estate firms.
JLL Segregated Funds Group started raising its new fund with a target corpus of ₹ 300 crore late last year with a focus to invest in apartment bulk buying at discounts and debt financing against project receivables in top property markets including Kolkata and Hyderabad.
“We plan to do deals in the range of ₹ 20-50 crore and do a mix of equity and debt structured deals," said Mridul Upreti, chief executive officer, JLL Segregated Funds Group.
JLL Segregated Funds Group has also finished deploying its maiden fund Residential Opportunities Fund-I and has invested the entire ₹ 161 crore corpus across eight transactions in Bengaluru, Noida and Chennai.
The maiden fund has made an exit from its first investment in a premium residential project ‘East Point’ of Assetz Property Group in Bengaluru’s Outer Ring Road area. It has exited with an internal rate of return (IRR) of 30% on an investment of ₹ 24 crore in February 2014.
“We are happy to generate attractive returns on investment for ourselves and our investors in this challenging environment. Our participation at an early stage in this project and an exit in a timely manner with good returns has led to a successful relationship with Assetz Group," said Upreti.
Ben Salmon, co-founder and chief executive of Assetz Property Group, said that East Point has done well in terms of sales and is almost complete now.