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Ivanhoe Cambridge commits investment of USD 100 Million in Genome Valley
KTR
Hyderabad will further cement its position in the global life science arena in the post-pandemic world
Hyderabad: In a big boost to Government's focus on the life sciences sector, 'Ivanhoé 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 and has committed to invest of USD 100 Million to develop about 1 million sqft of lab space in the cluster.
The leadership of Ivanhoe Cambridge and Lighthouse Canton met Minister KT Rama Rao virtually and made this announcement. Industries and Commerce and IT Principal Secretary Jayesh Ranjan, Telangana State Industrial Infrastructure Corporation Limited (TSIIC) MD Narasimha Reddy, Life Sciences and Pharma Director Shakthi Nagappan also attended the meeting.
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. This is one of the first such transactions by a pension fund in the life sciences real estate segment in South Asia and shall set a benchmark for the sector in India. An investment of this nature in Hyderabad reinforces the leadership position in the life sciences sector.
Ivanhoe Cambridge brings deep investing expertise in real estate globally and has been investing in life sciences real estate. The company held C$60,4 billion in real estate assets as of December 31, 2020, and through subsidiaries and partnerships, Ivanhoe Cambridge holds interest in more than 1,100 buildings, primarily in the industrial and logistics, office, residential, and retail sectors.Ivanhoe Cambridge and Lighthouse Canton aspire to contribute to the growth of the R and D sector in Hyderabad by investing about USD 100 Million for developing 1 million sq. ft of laboratory space thereby creating more R and D and allied life sciences infrastructure over a period of time.
Minister Rama Rao said, "I am delighted to announce the entry of Ivanhoe Cambridge, Canada in Genome Valley through MN park with an investment commitment of USD 100 Million for the creation of about 1 Million sq. ft lab space in Genome Valley."
"This new investment in MN Park, Hyderabad 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, We anticipate that India and Hyderabad will further cement its position in the global life science arena in the post-pandemic world", commented Chanakya Chakravarti, Managing Director, India, at Ivanhoé Cambridge.
