DELHI: Private equity firm Avenue Venture Real Estate Fund has invested Rs 55 crore in a residential project developed by Rohan Builders in Bangalore, property consultant Jones Lang LaSalle India said.
"Rohan Builders, one of Pune's leading residential developers with existing presence in Bangalore, has partnered with Avenue Venture Real Estate Fund ('AVREF') for development of a residential project in East Bangalore," JLL India said in a statement.
Mumbai-based domestic real estate fund AVREF has invested about Rs 55 crore in Rohan Builders' project, it added.
Jones Lang LaSalle India acted as transaction advisor in this private equity deal.
"This deal once again proves that even in times of curtailed liquidity for real estate, there is capital available for quality projects by established and credible developers. Jones Lang LaSalle India is currently working on a number of similar deals on behalf of our clients," JLL India Chairman and Country Head Anuj Puri said.
Rohan Builders has several projects in Pune and Bangalore. This is the first time the company has adopted the private equity route for its portfolio expansion.
AVREF primarily invests in residential projects in Pune, Bangalore and Chennai. It identifies developers on a growth trajectory and partners with them right from the initial stage of land acquisition.
"The size of the project is approximately 7 lakh sq ft of saleable area and is located in Boganahalli, one of the fast-developing corridors of Bangalore city," Rohan Builders CMD Suhas Lunkad said.
Pune and Bangalore represent the highest potential for developers catering to residential demand from India's thriving IT sector, he added.