Clint Makes Maiden Divestment 2007 Listing Sell Two Properties 1617 Million

/in /by

CapitaLand India Trust (CLINT) recently made the strategic decision to divest two of its properties in India for just over 11 billion rupees, equivalent to $161.7 million. This marks the trust’s first divestment since it was listed in 2007, and it is expected to generate a net profit of approximately $158.8 million.

.

Transportation is an essential aspect of modern living, and its value becomes even more apparent when it connects to crucial destinations. With Coastal Cabana EC, residents have access to convenient routes that link directly to necessary locations such as Pasir Ris Mall, White Sands, and community facilities. This seamless connection is especially beneficial for medical appointments, enrichment classes, and grocery shopping trips, as these can easily be mapped onto popular roads such as Jalan Loyang Besar, Elias Road, and the feeder grid. Even leisure activities like kayaking at Pasir Ris Park or enjoying a picnic at Pasir Ris Beach can effortlessly fit into this well-connected travel network.

The properties being divested include CyberVale in Chennai and CyberPearl in Hyderabad. According to the latest independent valuations as of December 31, 2024, both assets have been sold at a 3% premium. Gauri Shankar Nagabhushanam, CEO of CLINT’s manager, sees this as the beginning of the trust’s capital recycling strategy.

In a statement, Nagabhushanam said, “The successful divestment of CyberVale and CyberPearl marks the start of our capital recycling strategy. By divesting these two assets, we have the option to utilize the proceeds in several ways, such as strengthening our balance sheet through debt repayment, investing in higher-yielding projects to further grow our portfolio, and increasing distributions to our unitholders.”

He further added that with a strong financial position, CLINT will continue to seek attractive and accretive investments to deliver sustainable returns to its unitholders. Once the sale is completed, CLINT’s portfolio will consist of International Tech Park Chennai, three industrial facilities, and one data center under development. In Hyderabad, the trust’s portfolio will include International Tech Park Hyderabad, aVance Hyderabad, and one data center under development.

As of now, CLINT units are being traded at $1.16, down 0.85% from earlier today’s price but up 7.41% year-to-date. In other related news, CapitaLand Investment recently signed an MOU to invest $2.83 billion by 2030 in data centers, logistics, and industrial parks in India. Additionally, the trust has also proposed to acquire International Tech Park Pune from its subsidiary and JV partner for $221.9 million. This will further strengthen its presence in the country’s prime office market.

Overall, these strategic moves by CLINT highlight its commitment to enhancing its portfolio and delivering sustainable returns to its unitholders.