Ivanhoé Cambridge, Lighthouse Canton invest $100mn in Genome Valley

Hyderabad: Ivanhoé Cambridge, a Canada-based real estate company, in association with Singapore-based asset management Lighthouse Canton, announced an investment of $100 million in a 1 million sq feet life-science R&D office-labs portfolio as 'MN Park' in Genome Valley, Hyderabad.

The companies have made the announcement in presence of KT Ramarao, Industry and IT Minister, Telangana, in virtual mode. The MN Park portfolio will receive an investment from Ivanhoé Cambridge and Lighthouse Canton in 80:20 ratio. The initial focus will be on consolidating the portfolio with select value accretive acquisitions in relevant life science R&D clusters in India.

Minister KT Rama Rao said that "I'm delighted to announce the entry of Ivanhoe Cambridge, Canada, in Genome Valley through MN park with an investment commitment of $100 million for creation of about 1 million sq feet lab-space in Genome Valley."

"This new investment in MN Park allow us to reinforce our conviction in life science real estate, a key focus area of our diversification strategy into high growth, innovation-focused sectors. MN Park offers diversification to Ivanhoé Cambridge's India exposure, thereby enhancing portfolio resilience," said Chanakya Chakravarti, Managing Director, Ivanhoé Cambridge, India.

"This is the first time a global pension fund is investing in life sciences R&D real estate in the country. Our collective vision is to invest about $100 million and double the existing infrastructure, thereby adding over 1 million sq feet of life sciences facility in the next few years," said Sanket Sinha, Head, Asset Management, Lighthouse Canton, Singapore.

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.

Speaking on the investment by Ivanhoé Cambridge, Shilpi Chowdhary, CEO, Lighthouse Canton, said, "The life sciences office labs has been a high conviction theme for the firm since our acquisition of MN Park portfolio in 2016."