Neovantage Innovation Parks secures a milestone Green Loan for its Life Sciences Real Estate Portfolio
Neovantage Innovation Parks, South Asia’s largest private owner and operator of life sciences-focused real estate, has secured its inaugural green loan of INR 300 crores (~C$ 50 million) from HSBC India. This is HSBC’s first green loan facility in the life sciences real estate sector in India. It was awarded on the back of Neovantage Innovation Parks’ commitment to eco-innovation and sustainable operations across its properties. Neovantage Innovation Parks has achieved this by maintaining for all its operating buildings a prestigious Gold or higher rating under the LEED for Operations and Maintenance (O+M) - Existing Buildings certification, awarded by the US Green Building Council.
Neovantage Innovation Parks, located in Genome Valley in Hyderabad, India, is home to leading Pharma and Life Sciences Research and Development (R&D) companies and is South Asia’s leading privately operated life sciences real estate portfolio. The portfolio is setup as a joint venture (JV) between Ivanhoé Cambridge, the real estate group of CDPQ, and Lighthouse Canton, a global investment institution.
Refinancing of existing debt with the green loan facility is aligned with the company’s ongoing initiatives to maintain an environmentally responsible and operationally efficient real estate portfolio. The portfolio consists of 8 world class, Grade ‘A’ facilities with premier multi-national and large Indian companies as tenants. Their LEED for Operations and Maintenance (O+M) - Existing Buildings Gold Certification is a testament to the portfolio’s comprehensive adoption of best practices in sustainability. The rating certifies the innovative approaches to conservation of energy, water, and enhanced indoor air quality, amongst other environmental achievements.
“The development of Neovantage Innovation Parks reflects our dedication as a sustainable and innovative investor,” said George Agethen, Head of Real Estate, Asia-Pacific, at CDPQ. “We are proud to be an important player, in partnership with Lighthouse Canton, in the life science arena, a high-growth sector that has allowed us to expand and diversify our portfolio.”
The portfolio consists of buildings which have been additionally awarded the LEED Platinum and Gold Certifications for Building Design and Construction - Core and Shell Development, demonstrating excellence and leadership in sustainable design in addition to sustainable operations. Neovantage Innovation Parks has incorporated a forward-thinking approach towards development of environment friendly life sciences innovation infrastructure and has reiterated its commitment in its new projects - Building 9900 and Building 4500 in Genome Valley. Both projects have been awarded the LEED Gold Precertification for Building Design and Construction - Core and Shell Development. Building 9900 was completed earlier this year and has been fully leased to a large Indian contract research company. Building 4500 is targeted to be ready for occupancy by October 2024.
In recognition of its continued commitment to these high standards, Neovantage Innovation Parks has also secured a rate reduction on the loan, reflecting the reduced risk and enhanced creditworthiness due to its sustainable business practices.
"We're thrilled to partner with HSBC on this key milestone. Our first green loan not only underscores our dedication to sustainability but also propels us towards our future green innovation goals," said Sanket Sinha, Global Head of Asset Management at Lighthouse Canton, managing Neovantage Innovation Parks. "This funding supports our financial strategy and aligns with our vision to create sustainable, thriving business ecosystems."
Amitabh Malhotra, Head - Global Banking, HSBC India said, “We are pleased to work with the company and their sponsors for the group’s first green loan and look forward to our continued collaboration. This milestone underscores our commitment in supporting clients to achieve their sustainability goals.”
HSBC has previously provided green loan facilities to several other key real estate players in India. This first green loan from HSBC in the life sciences real estate sector in this country marks the next step in India’s commitment to sustainable development. It also demonstrates the growing alignment between financial strategies and global environmental objectives.
About Ivanhoé Cambridge
Ivanhoé Cambridge, the real estate portfolio of CDPQ, a global investment group with C$ 452 billion in assets, is built worldwide through strategic partnerships and market leading real estate funds. CDPQ holds interests in more than 1,500 buildings, primarily in the logistics, residential, office and retail sectors. As of December 31, 2023, it held C$ 77 billion in gross real estate assets.
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies around the world. It does so responsibly and is committed to creating living spaces that foster the well-being of people and communities, while reducing their environmental footprint.
For more information: cdpq.com / ivanhoecambridge.com.
About Lighthouse Canton
Headquartered in Singapore, Lighthouse Canton is a global investment institution with wealth and asset management capabilities. Lighthouse Canton employs over 130 experienced professionals across its offices in Singapore, Dubai, India, and London, and oversees over US$ 3.7 billion worth of assets under management and advisory (as of 30th June, 2024).
Lighthouse Canton creates value through innovative investment solutions for accredited private clients, institutional investors and an ecosystem of founders and entrepreneurs globally.
Lighthouse Canton’s Asset Management service comprises strong internal product capabilities in hedge funds, private equity, traditional fundamental analysis, investing through multiple strategies in real estate private equity, direct lending, public equities, and global macros.
For more information, visit http://www.lighthouse-canton.com
About Neovantage Innovation Parks
Neovantage Innovation Parks is the largest private owner and operator of life sciences R&D infrastructure in South Asia. Setup as a JV between Ivanhoé Cambridge and Lighthouse Canton, Neovantage Innovation Parks is home to leading Pharma and Life Sciences R&D companies. Neovantage Innovation Parks offers turnkey facilities, flexible leasing options, and value-added services to its life sciences clients. The portfolio’s campuses are diligently designed with recreational areas, large open spaces with greenery, and world-class amenities to enable collaboration and innovation between people and businesses.
Neovantage Innovation Parks’ ESG commitments include integrating sustainable and energy-efficient designs into their projects, which has earned them prestigious LEED certifications for their portfolio. The company actively promotes biodiversity and green spaces within its campuses, invests in renewable energy sources & water conservation efforts, and supports local communities through various initiatives.
For more information, visit www.neovantage-parks.com
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