Neovantage Innovation Parks, a private owner and operator of life sciences-focused real estate, has secured a green loan of about $37 million (Rs 300 crore) from HSBC India. The transaction marks HSBC’s first green loan facility in the life sciences real estate sector in India.
The green loan obtained by Neovantage Innovation Park is aligned with their ongoing initiatives to maintain an environmentally responsible and operationally efficient real estate portfolio, the company said in a statement.
Set up as a JV between Ivanhoé Cambridge and Lighthouse Canton, Neovantage Innovation Parks is a privately owned portfolio of leased life sciences R&D office labs. The portfolio is located in Genome Valley, Hyderabad, which is one of India’s largest and most established life sciences clusters.
The company’s Building 9900 was completed earlier this year and has been fully leased to an Indian contract research company. Building 4500 is targeted to be ready for occupancy by October 2024. The parks offers turnkey facilities, flexible leasing options, and value-added services to its life sciences clients.
Neovantage Innovation Parks also promotes biodiversity and green spaces within its campuses, invests in renewable energy sources & water conservation efforts, and supports local communities through various initiatives, the statement said.
“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.”
Headquartered in Singapore, Lighthouse Canton is a global investment institution with wealth and asset management capabilities. The firm employs over 130 experienced professionals across its offices in Singapore, Dubai, India, and London, and oversees over $3.7 billion worth of assets under management and advisory (as of June 30, 2024).
