Macrotech Developers and Morgan Stanley Real Estate Investing (MSREI) have entered into an agreement to develop a logistics park spread over 72 acre of land parcel at Palava Industrial and Logistics Park (PILP) near Mumbai, Maharashtra. 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 crore. Lodha will further act as the development manager for the project, responsible for leasing, project development, and asset management.
MSREI is the global private real estate investment management business of American multinational investment bank and financial services company Morgan Stanley. The industrial and logistics park is strategically located close to Jawaharlal Nehru Port Trust (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. In July 2021, Flyjac Logistics, subsidiary of Hitachi Transport System Group, acquired over 22.3 acre land parcel from Lodha Group at this industrial and logistics park to develop and set up its operations.