Consultancy provider Everstone has tied up with Jones Lang LaSalle India to provide retail property management services to four shopping malls at Pune, Kochi, Vadodara and Ahmedabad.
Under this arrangement, JLL India will provide services from ensuring optimal year-round occupancy. It marks the introduction of JLL’s Retail Asset Management services module in India.
“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,” Dhanpal Jhaveri, Partner and CEO, Everstone Capital Advisors, said in a statement.
“For the first time, through this tie-up, a private equity fund has entrusted its entire shopping centre management portfolio to a real estate consulting firm in India,” Anuj Puri, Chairman and Country Head, Jones Lang LaSalle India, said.
Under the tie-up, the firm will provide complete leasing services as well as take responsibility for operations, customer experience, marketing, property and financial management, for some select shopping malls with total gross leasable area of 1.91 million sq ft. Everstone is the advisor to private equity and real estate funds of approximately $1.7 billion in assets.