Mumbai, Prakhhyat Group, a Mumbai based Industrial and Logistics real estate developer, announced today that it has partnered with a fund managed by Morgan Stanley Real Estate Investing (MSREI) to develop a 0.7 million square feet Class A warehousing project at K Square Logistics Park in Bhiwandi near Mumbai.
This marks MSREI’s entry in the Bhiwandi sub-market of Mumbai. With this, MSREI has now invested in over 5.6 million square feet of logistics assets across the country.
The project, branded ‘One K-Square’, will be built across 25 acres of land with state-of-the-art international Grade A specifications. 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.
“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.
“Industrial and Logistics as an asset class is a high conviction theme across our investment strategy and we are proud to partner 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.
K Square Logistics Park, Prakhhyat Group’s flagship development, is spread over 156 acres with a total development footprint spanning over 4 million square feet and houses multiple domestic and international tenants across varied sectors.
