Actis, a UK-based investment firm that focuses on infrastructure, has acquired Rx Propellant, a Hyderabad-based platform, which is in the life sciences real estate space. The company provides real estate solutions (offering R&D labs and associated facilities) to tenants in the life sciences and related sectors.
Rx Propellant is currently developing and marketing a number of real estate projects in design-development stage across Hyderabad and Bengaluru. The aggregate area of these projects is pegged at 30 lakh sq feet.
“The team brings more than a decade of experience in developing and promoting life sciences clusters in India,” a statement from Actis said. “The life sciences sector holds huge potential for growth in the current decade, with a large talent pool at significantly competitive cost making it a compelling destination for global research and development and manufacturing,” it said.
In the initial phase, Actis said it will invest about $200 million into buy and build programmes targeting both greenfield and brownfield assets. “Rx Propellant will focus on thriving life sciences clusters in Hyderabad, Bengaluru, and Mumbai,” it said.
Brian Chinappi, Partner and Global Head of Real Estate at Actis, said that the life sciences sector in India acquired global significance. “It was demonstrated during the Covid-19 pandemic. It is poised for significant growth, owing to a confluence of a number of factors both local and global,” he said.
Actis recently completed fundraising for Actis Asia Real Estate Fund 2 with a size of $700 million. The fund will allocate capital to invest in real estate that enables the new economy, focusing on Actis’ key geographies of China, Korea, India, and South-East Asia and Vietnam.