Prakhhyat Group announced on Aug 28 that it has partnered with a Morgan Stanley Real Estate Investing fund to develop a warehousing project in Bhiwandi, near Mumbai. Morgan Stanley Real Estate Investing (MSREI) did not disclose the amount of investment, but sources said it was around Rs 300 crore.
Prakhyat Group said in a statement that it will build a 0.7 million square foot Grade A warehousing space at its K Square Logistics Park in Bhiwandi.
This is MSREI's first foray into Mumbai's Bhiwandi submarket. MSREI has invested in over 5.6 million square feet of logistics assets across the country as a result of this, according to the company.
The project, One K-Square, will be built across 25 acres. The development will offer warehousing solutions to institutional customers from e-commerce, 3PL players, FMCG and FMCD sectors, among others. Prakhhyat Group will be the development manager and will be responsible for project execution, leasing, and asset management.
"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," Prakhhyat Group Director Sandeep Bagla said.
Anand Iyer, Vice President of MSREI India, stated that industrial and logistics assets are a high conviction theme across its investment strategy. Prakhhyat Group's K Square Logistics Park spans 156 acres and has a total development potential of more than 4 million square feet.
Prakhhyat Group is a leading industrial and logistics developer with projects totaling over 10 million square feet in various stages of development.