Cerestra Advisors Ltd, a real estate-focused private equity firm, has bought Alexandria Knowledge Park at Genome Valley in Hyderabad for Rs 400 crore as it plans to build an office portfolio focused on R&D clients. Alexandria Knowledge Park, which counts tenants such as Swiss pharmaceutical giant Novartis, was previously owned by New York-based Alexandria Real Estate Equities, the world’s largest office builder of science and technology campuses.
The deal was triggered by Alexandria’s move to exit India. Singapore-based asset manager Lighthouse Canton is backing Cerestra in acquiring the asset. The Hyderabad park has leased office space of 500,000 sqft but its total build up potential is far higher at 2.5 million sqft.
Read more: Economic Times