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.