Consultancy Everstone has tied up with Jones Lang LaSalle India for providing retail property management services to four shopping malls at Pune, Kochi, Vadodara and Ahmedabad.
Under this arrangement, Jones Lang LaSalle India will provide services from ensuring optimal year-round occupancy to creating and maintaining a superior retailer and customer experience.
The mandate marks the introduction of Jones Lang LaSalle's globally proven 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.
"Our Retail Asset Management services platform is a tried and tested vertical globally. It has been specially designed to ensure optimal year-round occupancy and seamless operations - thereby vastly enhancing the overall mall business proposition," he added.
The tie-up for retail property management services will commence from October 1. Under this arrangement, the firm will provide complete leasing services as well as take responsibility for operations, customer experience, marketing, property and financial management, for the following shopping malls having 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.