Global financial services firm Morgan Stanley’s private real estate investment management arm, Morgan Stanley Real Estate Investing (MSREI), has partnered with Mumbai-based real estate developer Prakhhyat Group to develop a warehousing project One K-Square in Bhiwandi near Mumbai. Spread across 7 lakh sqft, the grade-A warehousing project is located at K Square Logistics Park, Bhiwandi. According to media sources, MSREI is investing Rs 300 crore in Prakhhyat Group for the development of this project.
This project will offer warehousing solutions to institutional customers from e-commerce, 3PL players, FMCG and FMCD sectors, among others. One K-Square marks MSREI’s entry in the Bhiwandi sub-market of Mumbai. With this, MSREI has now invested in over 5.6 million square foot (msf) of logistics assets across the country.
Prakhhyat Group will be the development manager and will be responsible for project execution, leasing and asset management. Prakhhyat Group’s K Square Logistics Park is spread over 156 acre with a total development potential of over 4 msf. At present, Prakhhyat Group has over 10 msf of projects under various stages of development.
MSREI has been quite active in the warehousing space. In 2021, it tied up with Macrotech Developers to develop a warehousing project near Mumbai with an investment of Rs 600 crore. In the same year, it also sold two Indian warehouse properties to Mapletree Logistics Trust, a Singapore-listed REIT.