Lodha has closed a deal with Morgan Stanley Real Estate Investing (MSREI) to develop approximately 1.9 mn sq ft 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. The collaboration further establishes Palava Industrial and Logistics Park as Mumbai’s preferred integrated Industrial and Logistics Park with high-quality infrastructure.
MSREI is the global private real estate investment management arm of Morgan Stanley. With decades of experience in investing internationally, MSREI is uniquely positioned to execute core and opportunistic strategies globally.
PILP continues to emerge as the preferred partner for multinational corporations looking to invest in warehousing and industrial space solutions in Mumbai. The park has already cemented a number of key deals, with a strong pipeline of marquee clients in the e-commerce, FMCG, and light manufacturing sectors. On this transaction, Lodha would further act as the development manager for the project, responsible for leasing, project development, and asset management.
PILP is strategically located close to JNPT, the upcoming Navi Mumbai International Airport, and the industrial hub of Taloja MIDC and provides flexible and scalable growth options to companies. It is part of the 4,500-acre Palava city that provides a comprehensive and established ecosystem including high-quality residences, social housing, world-class education, and healthcare.
Shaishav Dharia, CEO, Townships, and Rental Assets, Lodha, said, “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 continue to expand and enhance this best-in-class industrial park. These are exciting yet crucial times for us as we expect more such strategic partnerships in the near future.”
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. Given excellent infrastructure with multiple connectivity routes to the city and upcoming trans harbor sea-link, Palava will have benefits, unlike any other location. In Lodha, we have an excellent partner, and they have built a terrific team for execution. We look forward to the development of a world-class industrial project.”
*As per cumulative sales from FY14-FY21