Morgan Stanley Real Estate invests in Alpha Ltd

NEW DELHI: Morgan Stanley Real Estate, the real estate arm of global financial services firm Morgan Stanley, on Monday announced investment of about Rs 300 crore (around $65 million) in Delhi-based real estate development management company Alpha G:Corp Development Private Ltd.

The partnership with Morgan Stanley Real Estate will allow Alpha to further capitalize on significant growth opportunity and at the same time provide us access to Morgan Stanley's world-class global real estate franchise, Alpha managing director Colonel R S Sodhi said in a statement.

This relationship is also an important step in the diversification of our business. We plan to utilize our partner's relationships and global platform to strategically expand our business," he said.

The company, however, did not disclose the amount of equity dilution in favour of Morgan Stanley.

Commenting on this, Morgan Stanley Real Estate in Asia-Pacific Executive Director Zain Fancy said, "India represents a compelling real estate investment opportunity and this investment is a continuation of our India strategy."

Established in 2003, Alpha is currently executing townships, retail malls, office and residential developments across various cities in Northern and Western India including Gurgaon, Amritsar, Jaipur, Ahmedabad and others.

Morgan Stanley Real Estate since 1991 has acquired $87.7 billion of real estate assets worldwide and currently manages approximately $51 billion in real estate assets on behalf of its clients.