UPDATE: CDPQ’s Ivanhoe Cambridge ties up with Lighthouse Canton for India R&D office-labs portfolio investment

Lighthouse Canton and Ivanhoe Cambridge logosLighthouse Canton and Ivanhoe Cambridge logos

This article was originally published on 9 July 2021 at 19:13 SGT; it has since been updated to include the deal’s quantum.

Ivanhoe Cambridge, a real estate subsidiary of institutional fund manager Caisse de depot et placement du Quebec (CDPQ), has tied up with Singapore asset-manager Lighthouse Canton to invest in a 850,000 square foot life-science R&D office-labs portfolio in Genome Valley, Hyderabad, in India, the managers said in a press release Friday.

Ivanhoe Cambridge and Lighthouse Canton didn’t immediately respond to Shenton Wire’s emailed request for comment on the quantum of the investment.

Sanket Sinha, head of asset management at Lighthouse Canton in Singapore, told Shenton Wire via email that the two managers plan to invest around US$100 million and double the existing infrastructure, adding more than 1 million square feet to the life sciences facility over the next few years.

The portfolio, called MN Park, will receive investment from Ivanhoe Cambridge and Lighthouse Canton on an 80:20 basis, respectively, the statement said.

Initially, the asset managers plan to consolidate the portfolio with select acquisitions in life science R&D clusters in India as well as completing the development of land within the portfolio to meet tenants’ expansion plans, the statement said.

Chanakya Chakravarti, managing director for India at Ivanhoe Cambridge, said the MN Park investment reinforced its conviction on life science real estate, a key part of its diversification strategy into high-growth, innovation-focused sectors.

“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,” Chakravarti said in the statement.

“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,” he added.

Audrey Tang, chief operating officer at Lighthouse Canton in Singapore, said it was the first time a global pension fund has invested in life sciences R&D real estate in the region.

Shilpi Chowdhary, CEO of the Singapore firm, said the sector has been a high conviction them for Lighthouse Canton since it acquired the MN Park portfolio in 2016.

MN Park is South Asia’s largest privately owned portfolio of leased life sciences R&D facilities, and it has both global and domestic tenants, the statement said.

Previously, Ivanhoe Cambridge had tied up with Lendlease to develop a 1.15-acre life-science project in the Boston Landing campus in Massachusetts in the U.S.

Ivanhoe Cambridge, which both develops and invests in properties, held around C$60.4 billion in real estate assets as of end-2020.

Lighthouse Canton has assets under management of S$2 billion across public and private markets, held on behalf of institutional investors, family offices and high net worth individuals.