JP Morgan Arm to invest US$ 30 million in Assetz Property Group

Global giant JP Morgan Asset Management has invested Rs 200 crore (about US$ 30 million) in Assetz Property Group, a firm that develops residential and commercial properties in Southern India.

“The capital will be given in the form of equity by JP Morgan,” said Akshay Dewani, the director of Assetz Property Group. “The money will then be used to build an 18.5 acre residential project in north Bangalore.”

With this investment, Assetz Property Group has secured about US$ 180 million for its upcoming projects.

Earlier investments include US$ 116 million from venture capital firm Equis Funds Group Pte Ltd as well as private equity (PE) that is intended for its midmarket housing vertical.

Other investors comprise of property consultant Jones Lang, LaSalle’s real estate investment arm – Segregated Funds Group, Avenue Real Estate Fund and Amplus Capital Advisors Pct Ltd.

Headquartered in Singapore, Assetz Property Group for the most part develops residential assets in Bengaluru. But the firm also has plans to set up logistics and warehouse parks on the outskirts of Delhi, Mumbai, Chennai, Bengaluru, and Nagpur in the near future.

“We will be raising capital for logistics vertical first and plan our steps to have a 10 million square feet portfolio over the next four years,” Dewani added.

The company is diversifying into new segments and is in the process of forming commercial, industrial warehousing, and residential platforms to raise capital and expand its presence.

“We plan to have a multi-development platform as we have a good fundraising setup,” said Dewani.

Previously in March, the company had made an announcement regarding the launch of its township brand “Assetz Lifestyle”, under which it will build the group’s mid-market housing projects in the next decade.

In the next ten years, the group plans to build around 10,000 homes along the growth corridors of Bengaluru which is expected to generate a sum of around Rs 5000 crore in revenue from this business alone.

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By Vivian Foo, Unicorn Media

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