Lodha Group signs warehousing agreement with Morgan Stanley

Realty developer Lodha Group told the media that it closed an agreement with an affiliate of Morgan Stanley Real Estate Investing (MSREI) to build 1.9 million sq ft at Palava Industrial and Logistics Park (PILP) near Mumbai.

It will develop Grade-A warehousing spaces across 72 acres with an investment of Rs 600 crore.

The Mumbai-based company will be the development manager for the project and will be accountable for project expansion, leasing and asset management.

Their marquee purchases and significant partnerships for PILP have assisted them in setting a solid track record in the logistics sector. Through this collaboration, they would leverage their development expertise along with MSREI’s industrial know-how as they grow and improve the best-in-class industrial park. PILP is part of the 4,500-acre Palava city, its biggest mixed-use development project. Vineet Sekhsaria, executive director and head, MSREI, India, told the media that they believe Palava will shortly become the most strategic area for logistics and industrial growth in western India. Considering the scaled-up infrastructure with numerous connectivity routes to the city and forthcoming trans harbour sea-link, Palava will have advantages, unlike other areas.

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