Jones Lang, Everston in pact for mall property mgmt service

Property consultant Jones Lang LaSalle (JLL) today said it has tied up with private equity firm Everstone Capital to provide property management services for the latter's four shopping malls.

Everstone Capital is an India focused investor with dedicated private equity and real estate funds.

Under this agreement, JLL will provide end-to-end services from ensuring optimal year-round occupancy to creating a superior retailer and customer experience, the company said in a statement.

The malls are located in cities like Pune, Kochi, Vadodara and Ahmedabad.

"We are ramping up our business in the real estate domain. JLL would bring in global best practices which should enhance retailer and customer experience and ensure strong mall occupancies," Everstone Capital Advisors Partner and chief executive Dhanpal Jhaveri said.

"This tie-up is a benchmark on the real estate market, as it is the first time that an international property consultancy will be providing a 360 degree end-to-end property management solution for shopping centres in India," JLL Chairman and Country Head Anuj Puri said.

As per the agreement, the tie-up for retail property management services will commence from October 1, the release said.