JLL's SFG raises Rs 120 cr fund to invest in housing projects

Property consultant JLL India's investment arm Segregated Funds Group (SFG) today said it has raised Rs 120 crore to invest in residential projects.

"JLL's Segregated Funds Group has announced the first close of its second fund; Residential Opportunities Fund - II at Rs 120 crore (USD 18 mn approx), capital commitment," SFG said in a statement.

Launched with a target of raising Rs 300 crore, the fund has achieved its first close within a span of five months, it added.

The five-year closed ended fund seeks to invest in residential investment opportunities in seven cities in Delhi-NCR, Mumbai- MMR, Chennai, Bengaluru, Hyderabad, Pune and Kolkata.

"With the current market situation, our focus initially, is to invest in value dislocated situations such as bulk apartment inventory purchase at discounts and debt financing against project receivables in high quality residential projects," SFG CEO Mridul Upreti said.

He said the company plans to do deals in the range of Rs 20-50 crore in a mix of equity and debt structured deals.

Incorporated in 2012, JLL SFG currently manages its maiden domestic AIF - Scheme Residential Opportunities Fund - I (ROF-I) with an AUM of Rs 161 crore.

"We have generated attractive returns from our investments in the first fund and have also committed the entire capital of ROF-I," he said.

JLL SFG operates under a separate legal entity, Jones Lang LaSalle Investment Advisors Pvt Ltd (JLLIA).