Actis has bought a life science real estate services company in India and plans to invest $200m (€187.7m) to target assets in the country.

The global investor said it has bought Rx Propellant, a platform focused on providing real estate solutions to tenants in the life sciences and related sectors in India.

Rx Propellant is currently involved in the development and marketing of a number of real estate projects in the design-development stage across Hyderabad and Bangalore.

Actis said it will initially invest $200m into a buy and build programme targeting both greenfield and brownfield assets.

Brian Chinappi, partner and global head of real estate at Actis, said: “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 several 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.”

Ashish Singh, partner and head of India and SE Asia Real Estate at Actis, said: “Life sciences corporations have unique requirements and often need customised 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 customised real estate solutions.”

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