Prakhhyat Group, an industrial and logistics real estate company, to collaborate on the development of a cutting-edge warehousing project spanning 0.7 million square feet. Situated within the K Square Logistics Park in the Bhiwandi region near Mumbai, this Class A warehousing initiative represents MSREI’s inaugural venture into the Bhiwandi sub-market.
While the precise investment amount from MSREI remains undisclosed, insiders have indicated that a substantial sum of Rs 300 crore will be channeled into the expansion of the warehousing space by Prakhhyat.
This strategic alliance underscores MSREI’s active involvement in the logistics domain. Having abstained from ventures in the office and residential property sectors in recent times, the partnership signifies MSREI’s commitment to warehousing initiatives.
In an analogous collaboration in 2021, MSREI had forged a partnership with Macrotech Developers to launch a premium warehousing undertaking near Mumbai, marked by an infusion of Rs 600 crore in investments. In the same period, MSREI divested two of its warehouse properties in India to Mapletree Logistics Trust, a REIT listed on the Singapore stock exchange.
Notably, this alliance establishes MSREI’s foothold within the Bhiwandi sub-market, while its cumulative logistics investments across the country have now amassed a staggering 5.6 million square feet.
Further emphasizing its foray into the logistics realm, MSREI has procured two facilities in the Pune area of western Maharashtra, as part of a deal involving Rs 455 crore. These acquisitions were made from Morgan Stanley Real Estate Investing and a local automotive supplier named Waterloo Motors.
In essence, this collaboration between Morgan Stanley’s real estate arm and Prakhhyat Group epitomizes their shared commitment to pioneering warehousing solutions, further solidifying MSREI’s strategic approach to the real estate landscape.
