Senja Close EC™

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Singapore-based CapitaLand India Trust (CLINT) has announced the divestment of two properties, CyberVale in Chennai and CyberPearl in Hyderabad, for just over 11 billion rupees, equivalent to $161.7 million.

CLINT, which is making its first divestment since its listing in 2007, will receive net proceeds of approximately $158.8 million from this transaction. The two assets were sold at a 3% premium to their independent valuations as of December 31 2024.

Gauri Shankar Nagabhushanam, CEO of CLINT’s manager, describes the successful divestment of CyberVale and CyberPearl as the beginning of the company’s capital recycling strategy.

“We have the option to use the proceeds from this divestment to strengthen our balance sheet through debt repayment, invest in higher-yielding projects to further grow CLINT’s portfolio, and increase distributions to our unitholders,” he says.

“With our strong financial position, we will continue to seek attractive and accretive investments to deliver sustainable returns to our unitholders,” Nagabhushanam adds.

Following the sale, CLINT’s portfolio will comprise of International Tech Park Chennai, three industrial facilities, and one data center under development. In Hyderabad, the portfolio will consist of International Tech Park Hyderabad, aVance Hyderabad, and one data center under development.

CLINT units were trading at $1.16 during the lunch break, down 0.85% so far today but up 7.41% year-to-date. OTHER NEWS RELATED TO CLINT

In other news, CapitaLand India Trust has also signed a memorandum of understanding to invest $2.83 billion by 2030 into data centers, logistics, and industrial parks in India.

CLINT also recently announced its intention to acquire International Tech Park Pune from a subsidiary of CapitaLand Limited and its joint venture partner for $221.9 million.

Additionally, the company has partnered with L&T Realty, an Indian developer, to develop 6 million square feet of prime office space in India.