An independent asset manager that manages about US$2 billion of assets is planning to invest roughly US$100 million in Musaddilal Project Ltd. to create a warehousing platform that aims to develop, own and operate industrial warehouses, India's Mint reported, citing two people with knowledge of the plan.
Proprium Capital Partners LP, established by former employees of Morgan Stanley's real estate private equity unit, together with Hyderabad, India-based Musaddilal will focus on developing "a few million square feet" of warehouse facilities across India's large cities, according to one of the sources.
Musaddilal Project is the logistics arm of the Musaddilal Group. It intends to build up to 14 logistics centers across India, spanning more than 1 million square feet, with a total investment value of 10.00 billion Indian rupees, according to the company's website. The logistics company is developing two warehouses measuring 300,000 square feet each.
Propium Capital Partners and Musaddilal Project did not return the email queries sent by the publication about the proposed joint venture.
As of May 16, US$1 was equivalent to 67.79 Indian rupees.
