MSREI partners with Prakhhyat for 7 lakh sqft Bhiwandi warehousing
01 Aug 2023
Global financial services major Morgan Stanley's real estate investment arm MSREI has partnered with developer Prakhhyat Group to construct a 7 lakh sq ft warehousing project in Bhiwandi, near Mumbai.
MSREI has invested around Rs 350 crore to acquire majority stake in the project 'One K-Square', coming up in Prakhhyat's existing facility K Square Logistics Park. This marks MSREI's entry into the Bhiwandi warehousing market.
The 25-acre Grade A facility will provide solutions for e-commerce, 3PL, FMCG and FMCD companies when completed by 2026. Prakhhyat will handle construction, leveraging its development expertise and MSREI's capabilities.
Prakhhyat's flagship K Square Logistics Park spans 156 acres with over 4 million sq ft space housing multiple tenants. The company has over 10 million sq ft projects under development currently.
The warehousing sector is poised for robust growth fueled by e-commerce expansion, 3PL services and manufacturing investments. The upcoming National Logistics Policy is also expected to attract more funding into the sector.
With strong demand prospects, the MSREI-Prakhhyat partnership aims to develop prime warehousing infrastructure in one of India's top logistics hubs to enable more commerce and trade competitiveness.
