Pact signed to develop 0.7 mn sq. ft. facility in Bhiwandi

Morgan Stanley Real Estate Investing (MSREI), a unit of Morgan Stanley, has partnered with Mumbai-based Prakhhyat Group, to develop a 0.7 million square feet Class A warehousing project at K Square Logistics Park in Bhiwandi near Mumbai. According to sources, it is investing Rs 300 crore in Prakhhyat which will develop the warehousing space. This marks MSREI’s entry in the Bhiwandi sub-market of Mumbai. With this, MSREI has now invested in over 5.6 million square feet of logistics assets across the country, it said.