Jones Lang LaSalle India’s Segregated Funds Group has invested INR 20 Cr.(USD 3.5 million approx.) with Chennai based Plaza Group in a residential project. The investment has been carried out through its fund, Residential Opportunities Fund –I, registered with SEBI as AIF category II.
The investment is in a residential project in Kovilambakkam near OMR, on Pallavaram-Thoraipakkam 200 feet road, in Chennai. Plaza group, a renowned brand in Chennai city and especially in the South suburbs micro-market, has delivered 8 projects (with BUA of 185000 sq. m (2 million sq. ft.) (approx.)) in last 10 years. The group has 4 ongoing projects (with BUA of 139000 sq. m (1.5 million sq. ft.) (approx.)) which will be complete in the next 3 years.
Commenting on the deal closure, Mridul Upreti, CEO, Segregated Funds Group said, “We are happy to partner with Plaza Group. We see value in mid income housing projects in prominent micro markets within Chennai, and Plaza group has created a niche in this space. This deal also furthers our existing footprint in south India.”
Mr. T. Shyam Prasad, Chairman and Managing Director, Plaza Group, said, “We are delighted to partner with JLL Segregated Funds Group. The deal furthers our relationship with JLL.”