Ivanhoé Cambridge is investing in a 0.85M sf life science R&D office-labs portfolio in Genome Valley, Hyderabad.
The portfolio will be acquired alongside Lighthouse Canton, an asset and wealth management firm.
MN Park is India’s largest privately owned portfolio of leased life sciences R&D office-labs. It offers fully fitted lab spaces, incubation and R&D facilities, storage spaces, office spaces, large open recreational spaces, and a host of amenities occupied by global and domestic credit tenants operating strategic R&D facilities engaged in mission critical, core innovation focused healthcare research.
Genome Valley is India’s first master planned cluster for life science R&D activities with India’s largest concentration of multi-tenanted lab space. It offers a deep life science ecosystem and a synergistic environment facilitating infrastructure sharing, technical collaboration, and access to a world class pool of scientists.
The portfolio is occupied by 20+ leading global and domestic pharma and bio-tech companies, vaccine manufacturers and contract research organisations.
The MN Park portfolio will receive investment from Ivanhoé Cambridge and Lighthouse Canton in an 80:20 ratio, respectively. The initial focus will be on consolidating the portfolio with select value accretive acquisitions in relevant life science R&D clusters in India.
The transaction also includes the completion of development on identified land options within the portfolio to cater to tenant expansion requirements.
“This new investment in MN Park allows us to reinforce our conviction in life science real estate, a key focus area of our diversification strategy into high growth, innovation-focused sectors”, commented Chanakya Chakravarti, Managing Director, India, at Ivanhoé Cambridge.
“We anticipate that India will further cement its position in the global life science arena in the post-pandemic world. A new healthcare focus positions office-labs as a unique and exciting opportunity. We look forward to participating in this high growth sector by expanding the portfolio through select acquisitions in partnership with an aligned asset manager. MN Park offers diversification to Ivanhoé Cambridge’s India exposure, thereby enhancing portfolio resilience,” he added.