Global private equity investor Actis on Monday said it has acquired Hyderabad-based real estate platform, Rx Propellant for an undisclosed amount.
Actis in a statement said it is eyeing an initial investment of up to $200 million into a buy-and-build programme, targeting both green and brownfield assets with a focus on sustainability.
“The life sciences sector in India is already of global strategic importance, as 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. We are excited to be investing in a team that has deep domain expertise and, when combined with Actis’ track record in building sustainability leaders, has the potential to deliver a market-leading enterprise,” said Brian Chinappi, Partner and Global Head of Real Estate at Actis."
“Life sciences corporations have unique requirements and often need customized real estate solutions which are deficient in supply. The Rx Propellant management team, with over a decade-long domain experience, looks to fill this gap, and help support India-bound drug discovery and manufacturing programs by providing customized real estate solutions,” said Ashish Singh, partner and head of India and SE Asia - real estate, Actis.
Rx Propellant, established in October 2020, is a leading player in the life sciences real estate sector and is currently involved in development and marketing of a number of real estate projects in design-development stage across Hyderabad and Bangalore targeted at life sciences sector users.
Last month, VCCircle reported that Actis marked the final close of its Actis Asia Real Estate 2 (AARE2) fund at $700 million, which will invest in real estate that enables new economy across Asia including India.
The $700 million comprises LP fund and co-investment commitments, with additional co-investment opportunities expected to deliver up to $1 billion of investable capital during the life of the fund.
Actis has also agreed to sell Solenergi Power Private Limited, the flagship company for its Sprng Energy platforms (Sprng), one of India’s largest renewable energy companies, to Shell Overseas Investments B.V (Shell) for $1.55 billion (Rs 11,865 crore).