Morgan Stanley Real Estate invests in India property developer

Morgan Stanley Real Estate has invested some $65 million in a real estate developer based in New Delhi, its third deal in Indian property this year.

Morgan Stanley Real Estate has invested approximately Rs. 300 crores ($65m; €51m) in Alpha G: Corp Development, a real estate developer in New Delhi, according to a statement.

Alpha sources sites, develops, executes and markets townships, malls, offices and residences in northern and western India, in cities like Gurgaon, Amritsar, Jaipur, Ahmedabad.

Zain Fancy, executive director and head of Morgan Stanley Real Estate in Asia Pacific said: “Alpha represents a highly scalable business model in a region of the country where we would continue to expect tremendous growth.”

The latest investment is Morgan Stanley’s third in an India-based property company, although the company has only announced two transactions so far, a source close to the company said. The first, a $68m investment in Mantri Developers, based in Bangalore, was completed before the onset of March.

Morgan Stanley currently manages roughly $51 billion of real estate assets worldwide, of which 21 percent are in Asia, according to the company website.