JLL fund exits Bangalore project with 30% returns

The fund had invested Rs 24 cr ($ 4 mn) with Bengaluru-based Assetz Property Group

JLL India’s Segregated Funds Group (JLLSFG) partly exited from its first investment made through its maiden fund, Residential Opportunities Fund – I (ROF – I) by making a 30% internal rate of return (IRR), the fund manager today.

The fund had invested Rs 24 cr ($ 4 million) with Bengaluru- based Assetz Property Group in a premium residential project spread over six acres, located near Marathahalli junction, East Bengaluru, in February, this year.

“We are very happy to achieve this kind of momentum in our divestments for our investors. This is in line with our fund investment themes. This exit is demonstrative of the progress made in this project. It has seen steady sales and development”, said Mridul Upreti, chief executive officer, JLL Segregated Funds Group.

Scheme ROF–I was amongst the first real estate funds to be registered with Sebi under the new Alternate Investment Funds (AIF) regulations, with the objective to invest in the residential sector in prominent locations across seven cities in India, namely Delhi NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Chennai, Kolkata, Hyderabad and Pune.