Morgan Stanley Real Estate Investing (MSREI) has tied up with Mumbai-based Prakhhyat Group to develop a 7 lakh square feet warehousing project at K Square Logistics Park in Bhiwandi near Mumbai.
This marks MSREI’s entry into the Bhiwandi micro-market of Mumbai and takes its total portfolio of logistics assets to over 56 lsf across the country.
The project, branded ‘One K-Square’, will be built across 25 acres of land with top specifications. The development will offer warehousing solutions to institutional customers from e-commerce, third party logistics 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.
“Our experience in this market has helped us establish a solid track record in the logistics space. 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” said Sandeep Bagla, Director Prakhhyat Group in a statement.
“Industrial and logistics as an asset class is a high-conviction theme across our investment strategy and we continue to strengthen our focus on logistics and last-mile connectivity with the booming online consumption in the country. Hence our focus is to develop a top-class warehousing park in one of the strongest logistics clusters in the country,” said Anand Iyer, Vice President, MSREI India.
K Square Logistics Park, Prakhhyat Group’s flagship development, is spread over 156 acres with a total development footprint spanning over 40 lsf and houses multiple domestic and international tenants across varied sectors.