Everstone ropes in Jones Lang LaSalle India to manage 4 malls

MUMBAI: Private equity and real estate advisor Everstone has entered into a contract with property consultancy firm Jones Lang LaSalle India for providing retail property management services to four of its shopping malls in India. The tie-up marks Jones Lang LaSalle India’s entry into retail property management services business in the country.

Under the contract, Jones Lang LaSalle will be responsible for operations and marketing , besides providing leasing, property and financial management services for the next five years to Everstone’s malls in Pune, Kochi, Vadodara and Ahmedabad. The four malls are spread over nearly 2 million sq ft of leasable space.

“We are ramping up our business in the real estate domain and a global name in mall management will help us in enhancing retailer, customer experience and ensure strong mall occupancies,” said Dhanpal Jhaveri, partner and chief executive officer at Everstone Capital Advisors , which advises private equity and realty funds of nearly $1.7 billion in assets.

Most of the leading international property consultants in India are already offering services like retail space leasing and facilities management. However, this will be the first time that a property consultant will be offering a consolidated retail property management services.