Mumbai: Proprium Capital Partners, an independent asset manager set up by former employees of Morgan Stanley’s real estate private equity arm, is investing around $100 million in Hyderabad-based Musaddilal Projects Ltd (MPL) to build a logistics/warehousing platform, said two people aware of the development.
Proprium Capital currently manages funds with assets under management of approximately $2 billion. The asset manager’s limited partners include over 50 institutional investors, including government and private sector pension and retirement funds, banks, family offices and sovereign wealth funds. With offices in New York, London, Mumbai, Hong Kong, Sydney and Atlanta, the Proprium team has managed investments in over 15 countries.
“Proprium Capital has tied up with MPL to build a warehousing platform that will develop, own and operate industrial warehouses. They are looking to invest at least $100 million in the venture, which will develop a few million square feet of warehousing space in large cities across the country,” said one of the persons cited above, requesting anonymity, as he is not authorized to speak with the media.
Emails sent to MPL managing director Pramod Gupta and Willem de Geus, founder and partner at Proprium Capital did not elicit any response.
According to the firm’s website, MPL is planning to set up 14 logistics centres, creating warehouse space of over a million square feet each. The firm has a long-term association with Hindustan Unilever Ltd, which is occupying on an exclusive basis, two facilities in Hyderabad and Bengaluru with warehousing space of 250,000 sq.ft and 400,000 sq.ft each respectively.