Singapore Asset Manager, Lighthouse Canton and CDPQ's Ivanhoé Cambridge invest in life sciences R&D real estate
SINGAPORE - Media OutReach - 9 July 2021 - In a landmark transaction in South Asia, Ivanhoé Cambridge, a global real estate subsidiary of the Caisse de dépôt et placement du Québec (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 Ivanhoé 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 Ivanhoé 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 Ivanhoé 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 Ivanhoé 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, Ivanhoé 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.
About Ivanhoé Cambridge
Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,100 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$60.4 billion in real estate assets as at December 31, 2020 and is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada's leading institutional fund managers. For more information: www.ivanhoecambridge.com
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
About Lighthouse Canton
Founded in 2014, Lighthouse Canton is a Singapore headquartered asset and wealth management firm with over 80 full time employees across offices in Dubai, and India (Bangalore and Hyderabad). Lighthouse Canton has AUM of S$2B (CA$1.88) (across public and private markets) on behalf of institutional investors, family offices, and high net worth individuals. It has been investing through multiple strategies in RE private equity, direct lending, public equities, and global macros. Under the Private Markets business vertical, the firm has developed a strong track record as a real estate asset manager, with a sharp focus on life sciences R&D office labs segment. For more information: www.lighthouse-canton.com