Eastward Ho! Alexandria Real Estate Considers $100 Million Investment for Biotech Development in India

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Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas)--Like virtually all of the other major players in the Pharmaceutical & Biotech Industry, it appears that Alexandria Real Estate Equities Incorporated (NYSE:ARE) (Pasadena, California) is looking to India to build a $100 million biotech building. As opposed to the domestic market and its current slump, India expects annual growth rates of 14%. A top developer and owner of life science properties throughout North America, Alexandria is a real estate investment trust (REIT) that is known for the quality of its developments. Despite some slowdowns in project launch dates, the company has weathered the current economic storm fairly well.

According to Indian officials, Alexandria has selected a 25-acre site adjacent to the new Tata Motors (NYSE:TTM) Nano mini-car plant in Sanand. Initial plans reportedly call for the building to include research and development laboratories, as well as an incubation center for biotech start-ups. Officials hope the project will be just the first phase of a sprawling biotech research park, a hub that will draw other life science investment to the area.

Alexandria is not commenting on the reports, although this is the status quo for the notoriously tight-lipped REIT during the early stages of projects. Confidentiality is key in the majority of life science projects, with the players not usually revealed until all contracts are in place. Alexandria's reserve has served them well. With a national presence of more than 130 North American properties and an approximate $5.2 billion market capitalization (as of December 2008), their clients include institutional, pharmaceutical, biotechnology, life science, biodefense, and translational research entities, as well as government agencies. After months of negotiations, Alexandria was chosen by the city of New York (reference: Pharmaceutical Tracker - Online Database) to develop the $750 million East River Science Park in Manhattan. Adjacent to the New York University School of Medicine, the multi-phased project will eventually total more than 1 million square feet of laboratory and office space sited on 4.7 acres.

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