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JLL India’s Segregated Funds Group (SFG) has invested ₹ 25 crore ($4 million) in a residential project of Chennai-based Vishwakarma Real Estates & Constructions (I) Pvt Ltd.
This investment has been carried out through its first fund--Residential Opportunities Fund-I (ROF-I) -- which has been registered with SEBI as an Alternative Investment Fund category-II fund.
The investment is in a mid-luxury residential project, "Skypod", located on the 200-feet Pallavaram- Thoraipakkam Radial Ring Road in Chennai.
Vishwakarma Developers have delivered a number of projects in past two decades, mostly in the southern suburbs of Chennai.
Commenting on the deal closure, Mridul Upreti, CEO, JLL Segregated Funds Group, said, "Pallavaram in Chennai has been gaining preference from home buyers as it is conveniently located near the airport and Old Mahabalipuram Road that has various IT parks, hospitals, educational institutions and shopping centres".
C. Shankar, Managing Director, Vishwakarma Real Estates, said, "We are happy that JLL SFG have recognised the 200-ft Pallavaram-Thoraipakkam MMRD Ring road as one of the top investment destinations and chosen to invest in our project. This partnership will further accelerate our firm’s footprint in the region."
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