Morgan Stanley partners with Prakhhyat Group for warehousing project in Bhiwandi
Morgan Stanley Real Estate Investing (MSREI) has partnered with industrial and logistics real estate developer Prakhhyat Group to develop a warehousing project spread over 7 lakh sq ft in Bhiwandi near Mumbai.
MSREI has invested around Rs 350 crore to acquire majority equity stake in the project One K-Square will be developed in the Mumbai-based warehousing major’s existing facility K Square Logistics Park.
In September 2021, it closed a $3.1 billion real estate fund and has been investing across assets from that pool. It has so far invested in over 5.6 million sq ft of logistics assets across India’s key warehousing hubs.
“Industrial and Logistics as an asset class is a high-conviction theme across our investment strategy and we are partnering with Prakhhyat Group to develop a top-class warehousing park in one of the strongest logistics clusters in the country,” said Anand Iyer, Vice President, MSREI India.
This alliance marks MSREI’s entry in the Bhiwandi sub-market of Mumbai Metropolitan Region (MMR).
“Our experience in this market has helped us establish a solid track record in the logistics space.
Through this partnership, we will leverage our development expertise along with MSREI’s capabilities, as we create this prime development in India’s most sought-after logistics sub-market,” said Sandeep Bagla, Director, Prakhhyat Group.
The project, One K-Square, will be built across 25 acres of land with state-of-the-art international Grade A specifications. The development will provide warehousing solutions to institutional customers from e-commerce, third party logistics (3PL) players, fast moving consumer goods (FMCG) and fast-moving consumer durables (FMCD) sectors, among others.
K Square Logistics Park, Prakhhyat
