Morgan Stanley Real Estate Investing led by AZB & Partners in their stake in Pragati Group

Investment funds managed by Morgan Stanley Real Estate Investing (“MSREI”), the global private real estate investment management arm of Morgan Stanley Investment Management, has purchased a controlling stake in a warehousing development project being developed by Pragati Group. Pragati Group has partnered with Morgan Stanley Real Estate Investing to develop Grade A logistics park in Delhi-NCR. The 30-acre Logistics Park is located on NH 8 and branded as Pragati One. It will have Grade-A specifications.

Morgan Stanley, which discontinued investing in the real estate sector a couple of years ago, has bought majority stakes in the warehousing developer and other such projects this year.

Pragati Group has 10 years of experience building Class A warehouses in NCR. Pragati has delivered large projects to firms like Amazon, Flipkart, Allcargo Logistics, ECom Express etc. and has a pipeline of about 5 Mn Sq. Ft. to be delivered by 2021. “Pragati is proud to announce a joint venture with investment funds managed by Morgan Stanley Real Estate Investing (MSREI). This further augments & strengthens our vision of furthering the development of Grade-A Warehousing in India” said Col Jitendra Yadav, promoter and CMD of Pragati Group.

AZB & Partners advised Morgan Stanley Real Estate Investing. The Partners who were involved in this deal were Sai Krishna Bharathan, Shivani Kabra and Rohit Bajaj. The Senior Associates involved were Nitin Gupta and Shridha Malhotra Gursahani.

Deloitte, AKMV, and Solomon & Co. advised Pragati Group on the transaction