Ivanhoé Cambridge, a global real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has invested in a 0.85 million square foot life science R&D office labs portfolio in Genome Valley, Hyderabad, the company said in a statement.
The MN Park portfolio will receive investment from Ivanhoé Cambridge and manager of the asset Lighthouse Canton in an 80:20 ratio, respectively. The portfolio is currently occupied by over 20 global and domestic pharma and biotech companies, vaccine manufacturers and contract research organisations.
The initial focus will be on consolidating the portfolio with select value accretive acquisitions in 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.
The development comes months after VCCircle reported that Ivanhoé was in talks to buy the rent generating asset.
“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,” said Chanakya Chakravarti, managing director, India, Ivanhoé.
“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,” he added
MN Park offers fully fitted lab spaces, incubation and R&D facilities, storage spaces, office spaces, large open recreational spaces and a host of other amenities.
“The life sciences office labs has been a high conviction theme for the firm since our acquisition of MN Park portfolio in 2016,” said Shilpi Chowdhary, chief executive officer, Lighthouse Canton.
Ivanhoé’s investment in MN Park is in line with its global strategy of focusing on sectors that foster innovation and long-term growth fundamentals.
In March 2021, Ivanhoé partnered with Lendlease to develop a 1.15 acre project featuring a life science building on the Boston Landing campus in Allston/Brighton, Massachusetts.
Ivanhoé invests internationally alongside strategic partners and major real estate funds. Through subsidiaries and partnerships, the company holds interests in more than 1,100 buildings.