Problems building a single project in a larger solution that imports paket.targets using "msbuild" from the command line #172

I have a solution containing two projects in "src\X\X.fsproj" and "src\Y\Y.fsproj". Both import paket.targets in the usual way:

<SolutionDir Condition="$(SolutionDir) == '' Or $(SolutionDir) == '*Undefined*'">..\..\</SolutionDir>
....
<Import Project="$(SolutionDir).paket\paket.targets" />

If I build the solution everything i fine. However if I do

 cd src\X
 msbuild

then there is an error

 1>RestorePackages:
     "..\..\.paket\paket.exe" install
     The system cannot find the path specified.

I believe that "....\paket.exe" is being run in the SolutionDir, which is "....". This means that we are looking for paket.exe in two directories above the SolutionDir.