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RX-Propellant, Hyderabad Real-Estate Solutions Firm Acquired by Actis

Posted by luckypropertywala_sxyoj4 on June 3, 2022
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RX-Propellant, Hyderabad Real-Estate Solutions Firm Acquired by Actis

Global investment firm Actis has acquired Hyderabad-based Rx-Propellant which provides real-estate solutions for tenants in life sciences & related sectors in India. Actis is an investor in sustainable infrastructure and has bought Rx-Propellant which has its own Research & Development facilities for real-estate solutions. As part of its initial phase in India, Actis will be investing more than $200 million (upwards of ₹1,500 crores) to create a buy & build program which will target brownfield & greenfield assets with a special focus on sustainability. The details of the deal for which Actis acquired Rx-Propellant have not been disclosed.

Rx-Propellant will be focussing on the thriving life sciences clusters in Mumbai Metropolitan Region, Hyderabad & Bengaluru. Global Head of Real-Estate & Partner at Actis, Brian Chinappi 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 a number of factors both local and global.” 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.”

Rx-Propellant is currently involved in the development & marketing of multiple real-estate projects which are currently in the design-development stages in Hyderabad & Bengaluru. These projects being managed by Rx-Propellant are targeted at life-sciences sector users and combining for a total of 30 lakh sq. ft. Actis had recently announced that it has completed the fundraising for Actis Asia Real Estate Fund 2, The investment firm raised $700 million (₹5,390 crores) representing LP fund & co-investment commitments with additional co-investment options expected to take the total amount to $1 billion (₹7,700 crores) of investable capital during the life of the fund.

The fund will apportion capital to be invested in real estate that enables new economy, as Actis focuses on its key countries – China, India, Korea, Southeast Asia & Vietnam.

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