BENGALURU: 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.
The Mumbai-based group will be the development manager for the project, and will be responsible for leasing, project development, and asset management.
“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.
PILP is part of the 4,500-acre Palava city, its largest mixed-use development project.
Vineet Sekhsaria, executive director and head, MSREI, India, said: “We believe Palava will soon become the most strategic location for logistics and industrial development in western India. Given excellent infrastructure with multiple connectivity routes to the city and upcoming trans harbour sea-link, Palava will have benefits, unlike other locations.”
Earlier, the Lodha Group had signed a deal with Flyjac Logistics, a subsidiary of Hitachi Transport System Group, to sell 22.3 acres at the Palava industrial park.
Source: livemint.com
