Property consultant Jones Lang LaSalle India has raised Rs 161 crore from institutional investors and HNI's for its small housing projects across 7 major cities.
"Jones Lang LaSalle India's Segregated Funds Group has made a final closing of its maiden real estate fund in India Residential Opportunities Fund-I (ROF-I) at Rs 160.75 crore (USD 27 million approx.)," the company said in a statement.
In 2012, JLL had launched Segregated Funds Group (SFG), a real estate private equity investment management entity focused on directing investments in the Indian realty market.
The first closing of the fund was announced in June at Rs 101 crore (USD 17 Million approx.).
The fund aims to invest in small residential projects in prominent locations across seven cities -- Delhi NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Chennai, Kolkata, Hyderabad and Pune.
"A significant portion of the capital has been raised from a combination of high net worth individuals (HNIs), institutional investors and family offices," JLL India said.
Scheme ROF-I was amongst the first real estate funds to be registered with SEBI under the new Alternate Investment Funds (AIF) regulations.
The fund targets to offer HNIs and institutions long term value-added returns through high quality proprietary real estate investment opportunities.
Segregated Funds Group CEO Mridul Upreti said: "We appreciate the commitment by investors in such market conditions. This is an important milestone for the group as it has reinforced belief in our strategy and we are now in a position to harness a significant market opportunity."
Axis Bank Pvt Ltd acted as the placement agent for Scheme ROF-I.
