Pune, September 19, 2013: Rohan Builders (‘Rohan’), 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. As per the transaction, AVREF – a Mumbai-based domestic real estate fund – has invested approximately 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.
One of the most established developers in Pune and Bangalore, Rohan has marquee projects such as ‘Rohan Mithila’ and ‘Rohan Madhuban’ in Pune and the award-winning ‘Rohan Ashima’ and ‘Rohan Jharoka’ in Bangalore (among others) to its credit. This is the first time Rohan has adopted the private equity route for its portfolio expansion.
AVREF, which primarily invests in residential projects in Pune, Bangalore and Chennai, identifies developers on a growth trajectory and partners with them right from the initial stage of land acquisition, found the transaction is well within its strategy and investment guidelines.
Suhas Lunkad, CMD – Rohan Builders, says, “The size of the project is approximately 7 lakh square feet of saleable area and is located in Boganahalli, one of the fast-developing corridors of Bangalore city. We found the investment objectives and philosophy of AVREF aligned with our own. Along with our expansion plans in Pune, this acquisition gives us a welcome opportunity to expand our existing footprint in Bangalore. These two cities represent the highest potential for developers catering to residential demand from India’s thriving IT sector”
Anuj Puri, Chairman & Country Head – Jones Lang LaSalle India says, “This deal once again proves that, even in times of curtailed liquidity for real estate, there is quality 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.”
Boganahalli, situated along the Marathahalli-Sarajapur stretch in East Bangalore, is strategically located in the midst of the IT Corridor on Outer Ring Road. The site is located on the optimally performing stretch of the ORR (Outer Ring Road) with residential destination for IT/ITeS knowledge professionals.