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CapitaLand India Trust (CLINT) has announced the divestment of CyberVale in Chennai and CyberPearl in Hyderabad for INR 1,103 crore (SGD 161.7 million), its first asset sale since listing on the Singapore Exchange in 2007. The two IT parks, spanning 1.4 million sq ft, were sold at a 3% premium to their December 2024 valuations. CLINT expects net proceeds of INR 1,082.8 crore, which will be used for debt repayment and reinvestment into higher-yielding projects. Post-sale, CLINT's portfolio will total 21.2 million sq ft.
CapitaLand India Trust (CLINT) announced earlier this week that it had entered into an agreement to divest CyberVale in Chennai and CyberPearl in Hyderabad to an unrelated third party. The deal, valued at INR 1,103 crore (approximately SGD 161.7 million), marks the trust's first divestment since its listing on the Singapore Exchange Securities Trading Ltd in 2007. Advertisement
The two assets were sold at nearly a 3 per cent premium to their independent valuations as of the end of December 2024. CLINT confirmed that the net proceeds from the divestment are expected to be INR 1,082.8 crore (around SGD 158.8 million).
CyberVale, located in Mahindra World City, comprises 0.8 million sq ft of IT Special Economic Zone space and 0.2 million sq ft of Free Trade Warehousing Zone. CyberPearl, based in HITEC City, Hyderabad, is a 0.4 million sq ft IT park. Cushman & Wakefield acted as the real estate consultant for this transaction.
Gauri Shankar Nagabhushanam, Chief Executive Officer of CapitaLand India Trust Management Pte. Ltd., the trustee-manager of CLINT, explained that by divesting these assets, the company would be able to strengthen its balance sheet through debt repayment, recycle capital into higher-yielding projects to grow the portfolio further, and improve distributions to unitholders.
Following the divestment of CyberVale and CyberPearl, which together span approximately 1.4 million sq ft, CLINT's total completed floor area across its portfolio will stand at about 21.2 million sq ft.
The divestment of CyberVale and CyberPearl underlines CLINT's strategic approach to optimising its portfolio and ensuring sustainable growth. With proceeds set to support debt repayment and capital recycling into higher-yield projects, the trust aims to deliver stronger returns to its unitholders while maintaining a robust balance sheet. The transaction also highlights CLINT's ability to secure favourable terms, marking an important milestone in its journey since its listing.
Source - PTI
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