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Puravankara puts on hold warehousing JV with Morgan Stanley

Monday, 13 Sep 2021
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Bengaluru-based Puravankara has put on hold its warehousing joint venture (JV) with global investor Morgan Stanley and will focus on residential and commercial properties in the country.

The two companies had signed a JV in 2019 to develop greenfield warehousing properties in Southern and Western India. The first of the projects was supposed to come up in 2020. The JV was looking to buy land parcels on the outskirts of Mumbai.

Puravankara had planned to invest Rs 1,500 crore in the warehousing business in the next five years through JVs and strategic partnerships. The company is looking to launch 14 million sq ft of residential projects in FY22 and 8.5 million sq ft of commercial projects in the next three to four years. It is aiming to have 25 percent of its portfolio to be in commercial projects in the next four to five years.

Morgan Stanley Real Estate Investing (MSREI), the real estate investment arm of the global investor, has been active in the warehousing sector in the country. It recently tied up with Lodha Group to set up a warehouse in Mumbai, Maharashtra. The project with a 130 acre land parcel has a leasable area of 2.67 million sq ft.

MSREI sold two warehousing properties in Pune to Singapore-listed Mapletree Logistics Trust (MLT) in 2021. The two warehousing and industrial logistics parks in Pune, Maharashtra have an area of about one million sq ft feet and are leased to blue-chip multinationals. MSREI bought a majority stake in logistics firm KSH Infra for around Rs 350 crore in 2019.

Morgan Stanley has partnered Pragati Infra for two warehousing projects in Delhi-NCR. Indospace is looking to invest USD 300 million to acquire land across major hubs and add four million sq ft by the end of 2021. ESR is looking to have a portfolio of 18 million sq ft in three years.

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