Clint Makes Maiden Divestment 2007 Listing Sell Two Properties 1617 Million
CapitaLand India Trust (CLINT) has announced the divestment of two properties in India, CyberVale in Chennai and CyberPearl in Hyderabad, for approximately 11 billion rupees (approximately $161.7 million USD). This marks the first divestment for CLINT since its listing in 2007, with expected net proceeds of $158.8 million.
The two properties were sold at a 3% premium to their independent valuations as of December 31, 2024. Gauri Shankar Nagabhushanam, CEO of CLINT’s manager, praises the successful divestment of these properties, stating that this is the start of their capital recycling strategy.
“By divesting these two assets, we have the option to use the proceeds to strengthen our balance sheet through debt repayment, recycle capital into higher-yielding projects to further grow CLINT’s portfolio, and enhance distributions to unitholders,” says Nagabhushanam. “With our strong financial position, we will continue to seek attractive and accretive investments to deliver sustainable returns to our unitholders.”
After the sale is complete, CLINT’s portfolio will consist of International Tech Park Chennai, three industrial facilities, and one data centre under development. In Hyderabad, CLINT’s portfolio will include International Tech Park Hyderabad, aVance Hyderabad, and one data centre under development.
CLINT units were trading at $1.16 before the lunch break, down 0.85% for the day but up 7.41% year-to-date.
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In related news, CapitaLand Investment has signed a memorandum of understanding to invest $2.83 billion by 2030 into data centers, logistics, and industrial parks in India. Additionally, CLINT has proposed to acquire International Tech Park Pune from its subsidiary and joint venture partner for $221.9 million. CapitaLand India Trust and India developer L&T Realty have also teamed up to develop 6 million square feet of prime offices in India.
