Rx Propellant leases out 1.3L-sq-ft facility to GV Research for Rs 162 cr

Hyderabad: Rx Propellant, which develops life sciences parks, has given on lease 1.3 lakh square feet of R&D facility in Hyderabad to GV Research Platform for Rs 162 crore rental for 10 years. The company is developing life sciences parks in Hyderabad, Mumbai and Bengaluru. Its parks offer customized infrastructure solutions suitable for pharmaceutical and biotech firms.

The company already has 10 lakh square feet of portfolio, of which 6 lakh square feet area is fully leased and operational and 4 lakh square feet on the verge of completion. Another 55 lakh square feet of area is in the pipeline. GV Research Platform is an integrated contract research organization (CRO) in the biopharma industry.

"We have given on lease 1.3 lakh sq ft area to GV Research in our life sciences park Nextopolis at Genome Valley in Hyderabad," said Milind Ravi, Chief Executive Officer, Rx Propellant. The lease agreement is for 10 years and the company will earn a total rental income of Rs 162 crore, he added.

“Rx Propellant generally prefers to buy land for the development of life sciences parks. However, it also sometimes partners with landlords. Rx Propellant is developing 25 lakh square feet in Bengaluru and 15 lakh square feet in Mumbai.” "The 55 lakh square feet space which is under various stages of development will be ready over the next four years," Ravi said, adding that this is capital intensive business. Real estate developers have entered into the development of industrial & warehousing parks, data centres and also lifesciences parks, besides their conventional business of constructing homes, offices and malls.