Prakhhyat Group, a Mumbai-based industrial and logistics real estate developer, has partnered with a fund managed by Morgan Stanley Real Estate Investing (MSREI) to develop a 0.7 million sq. ft. of Class A warehousing project near Mumbai.
Though the terms of the deal were undisclosed, people with knowledge of the project said in the joint venture where MSREI will hold 95%, it will invest anywhere between ₹300-350 crore to develop it.
This marks MSREI’s entry in the Bhiwandi sub-market of Mumbai. “With this, MSREI has now invested in over 5.6 million square feet of logistics assets across the country,” the release said.
The K Square Logistics Park will be built across 25 acres with state-of-the-art international Grade A specifications, the firms said in a joint release. The development will offer warehousing solutions to institutional customers from e-commerce, third party logistics (3PL) players, FMCG and FMCD sectors, among others. “Our experience in this market has helped us establish a solid track record in the logistics space,” said Sandeep Bagla, director Prakhhyat Group.
“Through this partnership, we are thrilled to leverage our development expertise along with MSREI’s capabilities, as we create this marquee development in India’s most sought-after logistics sub-market,” he said.
Prakhhyat Group will be the development manager and will be responsible for project execution, leasing, and asset management.
K Square Logistics Park, Prakhhyat Group’s flagship development, is spread over 156 acres with a total development footprint spanning over 4 million square feet and houses multiple domestic and international tenants across varied sectors. It has over 10 million square feet of projects under various stages of development.
“Industrial and Logistics as an asset class is a high conviction theme across our investment strategy,” said Anand Iyer, Vice President, MSREI India.
Morgan Stanley Real Estate Investing is the global private real estate investment management arm of Morgan Stanley with over $54 billion of assets under management.
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Updated: 28 Aug 2023, 11:50 PM IST
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