Kotak Investment Bank advised MDPL on the transaction. Founded in 1999 by Sushil Mantri and headquartered in Bangalore, MDPL is in the real estate development business focusing on residential, office and retail projects.
"We are pleased to announce our first real estate investment in India," said Sonny Kalsi, managing director and global head of Morgan Stanley Real Estate Investing.
"We believe India presents an extremely compelling investment story and expect to be a long term investor in the real estate sector. The residential market is attractive because of rapid urbanisation, the availability of housing finance and the strong growth of the consumer segment," he added.
"We are excited to be partnering with Morgan Stanley to grow our residential business," said Sushil Mantri, Managing Director and founder of MDPL.
The partnership will be integral to our ability to create value by expanding our presence in Bangalore and other key markets he said.
The government has last year liberalised foreign investment in the development and construction of real estate projects subject to compliance with certain conditions. Morgan Stanley Real Estate's investment has been made in accordance with these regulations.
Since 1991, Morgan Stanley has acquired $73.1 billion of real estate assets worldwide and currently manages approximately $40 billion in real estate assets on behalf of its clients.
