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Rohan Builders, Pune based property developer, has partnered with Avenue Venture Real Estate Fund (AVREF) for developing a residential project in Bangalore.
AVREF, a Mumbai-based domestic real estate fund which has invested in residential projects in Pune, Bangalore and Chennai, has invested Rs 55 crore in Rohan’s project.
The Pune division of Jones Lang LaSalle India Capital Markets, acting as transaction advisor, was instrumental in closing the deal.
“This is the first time Rohan has adopted the private equity route for its portfolio expansion,” said Suhas Lunkad, CMD - Rohan Builders.
“The size of the project is about seven lakh square feet of saleable area and is located in Boganahalli, Bangalore. Along with our expansion plans in Pune, this acquisition gives us an opportunity to expand our existing footprint in Bangalore. These two cities represent the highest potential for developers catering to residential demand from thriving IT sector,” he added.
Rohan Builders has Rohan Mithila and Rohan Madhuban projects in Pune and Rohan Ashima and Rohan Jharoka in Bangalore among others.
anil.u@thehindu.co.in
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