Lodha, Morgan Stanley Real Estate to develop 72-acre logistics park at Palava near Mumbai

Realty developer Lodha NSE 5.13 %, listed as Macrotech Developers, and Morgan Stanley Real Estate Investing (MSREI) have entered into an agreement to develop a logistics park spread over 72 acres at Palava Industrial and Logistics Park (PILP) near Mumbai.

The development of the logistics park with around 1.9 million sq ft Grade A warehousing space is expected to entail an investment of around Rs 600 cr for development. As per the agreement, Lodha Lodha would further act as the development manager for the project, 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 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,” said Shaishav Dharia, CEO, Townships, and Rental Assets, Lodha.