CapitaLand India Trust divests Chennai and Hyderabad assets in $162m deal

The divestment is part of its capital recycling strategy to optimise portfolio quality.

CapitaLand India Trust (CLINT) has agreed to divest two Indian properties, CyberVale in Chennai and CyberPearl in Hyderabad, for approximately $161.7m (INR 11,031m).

The deal, CLINT’s first divestment since its 2007 listing, was struck at about a 3% premium to the assets’ independent valuations as at 31 December 2024. Net proceeds are expected to be $158.8m (INR 10,828m).

CLINT said the divestment is part of its capital recycling strategy to optimise portfolio quality and enhance financial agility.

CLINT CEO Gauri Shankar Nagabhushanam noted that the proceeds could be used to strengthen the balance sheet through debt repayment, redeployed into higher-yielding projects, or support distributions to unitholders.

Following the sale of the two properties, which have a combined floor area of 1.4 million square feet, CLINT’s completed portfolio will stand at about 21.2 million square feet.

Its holdings will include International Tech Park Chennai, three industrial facilities, and a data centre under development in Chennai, as well as International Tech Park Hyderabad, aVance Hyderabad, and a data centre under development in Hyderabad.

As of 30 June, CLINT managed $3.7b in assets, including IT business parks, industrial and logistics facilities, and data centre developments across several Indian cities.