Earlier this year, Lodha Group had signed a deal with third party logistics firm Flyjac Logistics, a subsidiary of Hitachi Transport System Group, to sell a 22.3 acres land parcel at the Palava industrial park.
Real estate major Lodha Group, or Macrotech Developers, on Thursday said it has closed a deal with an affiliate of Morgan Stanley Real Estate Investing (MSREI) to develop 1.9 million sq ft at Palava Industrial and Logistics Park (PILP), near Mumbai. This would entail an investment of about ₹600 crore to build grade-A warehouses across 72 acre at PILP.
Mumbai-based Lodha Group would be the project development manager, and will be responsible for leasing, project development, and asset management.
MSREI is the private real estate investment management arm of Morgan Stanley.
“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 continue to expand and enhance this 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, CEO, Townships, and Rental Assets, Lodha Group.
PILP is part of the 4,500-acre Palava city, Lodha’s largest mixed-use development project.
Vineet Sekhsaria, executive director and head, Morgan Stanley Real Estate Investing India, said, “We believe that Palava will soon become the most strategic location for logistics and industrial development in western India. Given excellent infrastructure with multiple connectivity route sto the city and upcoming trans harbor sea-link, Palava will have benefits, unlike any other location.”
Earlier this year, Lodha Group had signed a deal with third party logistics firm Flyjac Logistics, a subsidiary of Hitachi Transport System Group, to sell a 22.3 acres land parcel at the Palava industrial park.
In another transaction, Batilogistic, a subsidiary of FM Logistic Group, entered into a deal with Lodha Group to develop a 30-acre land parcel at Palava. The land was purchased for ₹106 crore.
Source: MINT
