Rx Propellant Locks Largest Life Sciences Real Estate Deal in India
In a deal that marks the tenancy of the single largest space within India’s life sciences real estate sector, Rx Propellant, the country’s leading Life sciences infrastructure platform, has leased a massive 1.3 lakh sq.ft. of state-of-the-art R&D facility - Nextopolis to GV Research Platform (GVRP), an integrated contract research organization (CRO) in the biopharma industry. The deal, sealed by Rx Propellant for INR 162 crore/ INR 1.62 billion, will allow NABL-accredited research organization an occupancy for 10 years. Nextopolis, located in Hyderabad’s Genome Valley, is developed by Modi Properties and will enable GVRP to expand its service portfolio and consolidate all complementary offerings under one roof. “Life Sciences is an immensely promising industry in India and this deal is a testimony to the rising demand of premier labspaces, tailormade to support diverse operational needs. Nextopolis, officially launched in 2022, was designed and built as a one-of-its-kind facility for biomedical research and pilot manufacturing, “says Milind Ravi, Chief Executive Officer, Rx Propellant. “GVRP distinguishes itself in the market by seamlessly integrating research models and preclinical testing capabilities. Aligned with our commitment to accelerating innovation, our partnership with Envigo RMS LLC, alongside our state-of-the-art research facility meeting international standards like OECD-GLP and AAALAC International, is geared towards delivering unparalleled support for advancing ground-breaking research in the field of life sciences,” says Kalyan Korisapati, Chief Executive Officer, GV Research Platform. Nextopolis offers customized infrastructure solutions suitable for the pharmaceutical and biotech firms. The facility boasts of sustainable infrastructure and world-class facilities including EV charging stations, high side HVAC system (including chillers), effluent pre-treatment plant, sewage treatment plant, compressed gas and vacuum lines, fire alarm and suppression systems, among others. The premise also has recreational spaces, including an open amphitheater. Rx Propellant has a portfolio of seven projects in the Genome Valley cluster totaling 2.5 Mn sq.ft. These projects feature advanced labspaces and agile flexi-factories. Rx Propellant’s life sciences real estate portfolio comprises nine projects with over 6.5 million sq.ft. under development in Hyderabad, Bengaluru, and Mumbai.
Tags : Life Sciences Modi Properties state-of-the-art R&D facility NABL-accredited research organization Nextopolis