Morgan Stanley Real Estate Investing (MSREI) has entered into an agreement to develop a logistics park spread over 72 acres at Palava Industrial and Logistics Park (PILP) near Mumbai.
As per the agreement, Lodha would further act as the development manager for the project, responsible for leasing, project development, and asset management.
Real estate developer Lodha Group on Thursday said it has closed a deal with an affiliate of Morgan Stanley Real Estate Investing (MSREI) to develop 1.9 million square feet at Palava Industrial and Logistics Park (PILP) near Mumbai. It will build Grade-A warehousing facilities across 72 acres with an investment of ₹600 crore.
“Our marquee acquisitions and key partnerships for PILP have helped us establish a solid track record in the logistics sector. Through this formidable collaboration, we will leverage our development expertise along with MSREI’s industrial know-how as we expand and enhance the best-in-class industrial park. These are exciting yet crucial times for us as we expect more such strategic partnerships in the near future,” said Shaishav Dharia, chief executive, townships and rental assets, Lodha Group.