Macrotech ties up with Morgan Stanley to build warehousing project at Rs 600 crore investment

Realty firm Macrotech Developers on Thursday said it has partnered with Morgan Stanley Real Estate Investing (MSREI) to develop a premium warehousing project near Mumbai with an investment of Rs 600 crore.

Macrotech Developers, which got listed on stock exchanges in April after raising Rs 2,500 crore through public issue, markets its properties under Lodha brand.

In a statement, Macrotech Developers said it has closed a deal with MSREI to develop about 1.9 million square feet area at Palava Industrial and Logistics Park (PILP).

"This would entail an investment of approximately Rs 600 crore for development of Grade-A warehouses across 72 acres land parcel at PILP," it added.

MSREI is the global private real estate investment management arm of Morgan Stanley.

Macrotech Developers will further act as the development manager for the project, responsible for leasing, project development, and asset management.

The PILP is located close to JNPT, the upcoming Navi Mumbai International Airport, and the industrial hub of Taloja MIDC.

The logistic park is part of Macrotech's 4,500-acre Palava city township.

Shaishav Dharia, CEO, Townships, and Rental Assets, Lodha, said, "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."

The company expects more such strategic partnerships in the near future, he added.

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."

Macrotech Developers has delivered more than 81 million square feet of real estate and is currently developing around 93 million square feet under its ongoing and planned portfolio.

The group has more than 4,400 acres of land beyond its ongoing and planned portfolio which will be utilized in developing further residential, commercial and industrial and logistics spaces.

Besides India, Macrotech is also developing two projects in London, where it made a foray in 2013.