Macrotech, Morgan Stanley RE in Rs.600-Cr JV to develop logistics park near Mumbai

Publicly listed, Mumbai-based Macrotech Developers (formerly Lodha Group) 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 INR 600 crore. Lodha would act as the development manager for the project, responsible for leasing, project development, and asset management.