SINGAPORE - Media OutReach - 9 July 2021 - In a landmark transaction in South Asia, Ivanhoe Cambridge, a global real estate subsidiary of the Caisse de depot et placement du Quebec (cdpq.com), one of Canada's leading institutional fund managers, and Singapore based asset management firm, Lighthouse Canton (the existing asset manager with a track record of managing the portfolio), have announced their investment in a 0.85M sq.ft life science R&D office-labs portfolio in Genome Valley, Hyderabad.
The MN Park portfolio will receive investment from Ivanhoe 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 Ivanhoe 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 Ivanhoe Cambridge's India exposure, thereby enhancing portfolio resilience.", he added.
"This is the first time a global pension fund is investing in life sciences R&D real estate in the region, and we are proud to be taking the first step in showcasing Singapore's asset management capabilities in this space." Said Ms. Audrey Tang, Chief Operating Officer for Lighthouse Canton in Singapore.
Adding to this, Mr. Shilpi Chowdhary, CEO for Lighthouse Canton, said, "The life sciences office-labs has been a high conviction theme for the firm since our acquisition of the MN Park portfolio in 2016. We are pleased to be co-investing with Ivanhoe Cambridge, a firm which is deeply aligned with this strategy. This investment sets the benchmark for such assets in the region, and we look forward to continuing supporting the growth of the life sciences sector across Asia."
Ivanhoé Cambridge'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, Ivanhoe Cambridge partnered with Lendlease to develop a 1.15-acre project featuring a state-of-the-art life science building with world-class amenities, located at 60 Guest Street, a land parcel in the Boston Landing campus in Allston/Brighton, Massachusetts.
Lighthouse Canton successfully acquired MN Park in 2016. It is South Asia's largest privately owned portfolio of leased life sciences R&D facilities. The park is occupied by global and domestic credit tenants operating strategic R&D facilities engaged in mission critical, core innovation focused healthcare research.
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