HYDERABAD: In a big boost to the State government’s focus on the life sciences sector, Ivanhoe Cambridge — a global real estate subsidiary of the Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers — announced its entry in Genome Valley to invest USD 100 million (Rs 740 crore) to develop about 1 million SFT for life science R&D office-labs portfolio.
The portfolio will be acquired alongside Lighthouse Canton, the existing asset manager with a track record of managing the portfolio. Ivanhoe Cambridge and Lighthouse Canton would contribute to the growth of the R&D sector in Hyderabad for developing laboratory space, thereby creating more R&D and allied life sciences infrastructure over a period of time.
Genome Valley in Hyderabad is the first and largest cluster for life science R&D and clean manufacturing cluster housing more than 200 life sciences companies. The government has taken various initiatives to strengthen the cluster further. Ivanhoe Cambridge’s investment in MN Park is in line with its strategy of focusing on sectors that foster innovation and long-term growth fundamentals. This is one of the first such transactions by a pension fund in life sciences real estate segment in South Asia and would set a benchmark for the sector in India.
On this occasion, IT and Industries Minister KT Rama Rao said: “I am delighted to announce the entry of Ivanhoe Cambridge in Genome Valley through MN Park with an investment commitment of USD 100 million for creation of about 1 million SFT lab space in Genome Valley.”
Chanakya Chakravarti, Managing Director, Ivanhoe Camridge India, said: “This new investment in MN Park allows them to reinforce our conviction in life science real estate, a key focus area of our diversification strategy into innovation-focused sectors.”