Business Daily from THE HINDU group of publications
Wednesday, Apr 23, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Apr 23, 2008 ePaper | Mobile/PDA Version | Audio |
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Marketing
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Retailing Corporate - Alliances & Joint Ventures Jones Lang in tie-up with Australia co The joint venture company will help developers and retailers to capitalise on premium retail opportunities and create long-term value for retail assets. Our Bureau Mumbai, April 22 Global real estate services provider Jones Lang LaSalle and Australia-based Colonial First State Property Management have formed a joint venture to offer integrated development and management services to developers and retailers. The 50:50 joint venture company Sandalwood, will help developers and retailers to capitalise on premium retail opportunities and create long-term value for retail assets. Mr Anuj Puri, Chairman and Country Head, Jones Lang LaSalle Meghraj said, “This is indeed an opportune moment for us to introduce specialised retail and intensive asset management services. Sandalwood will seek to create long-term value for India’s mall owners through its globally benchmarked practices, proven expertise in property development and intensive asset management.” The domestic retail sector has evolved at a swift pace and was set to grow by 35 per cent by 2010. Total retail mall stock has been doubling every year, from one million sq ft in 2002 to 40 million sq. ft in 2007, and is expected to be 60 million sq. ft by the end of 2008. There are over 100 malls operating in India and over 300 being developed. However, over 90 per cent of them are yet to achieve global benchmarks. To be globally successful, mall owners and developers in India need to focus on vision, scalability and processes and create a distinct proposition for themselves in the emerging market. Ms Gagan Singh, who is to head Sandalwood’s operations in India, said Sandalwood would draw upon global expertise and local knowledge to bring our clients’ visions to highly profitable retail environment that is based on strong differentiation for their retail assets. More Stories on : Retailing | Alliances & Joint Ventures | Real Estate & Construction
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