CapitaLand India Trust (CLINT) has announced its inaugural divestment since listing in 2007, with the sale of CyberVale in Chennai and CyberPearl in Hyderabad for INR11,031 million (approx. S$161.7 million). The transaction marks a strategic step in CLINT’s capital recycling plan to unlock value, optimise its portfolio, and strengthen financial agility.

The two assets will be divested at approximately 3% premium to their independent valuations as at 31 December 2024. The net proceeds from the divestment are expected to be INR10,828 million (approximately S$158.8 million).

CyberVale comprises a ~0.8 million sq ft IT Special Economic Zone and a ~0.2 million sq ft Free Trade Warehousing Zone in Mahindra World City, while CyberPearl is a ~0.4 million sq ft IT Park in HITEC City. 

Gauri Shankar Nagabhushanam, Chief Executive Officer of CapitaLand India Trust Management Pte. Ltd. (the Trustee-Manager of CLINT), said: “The successful divestment of CyberVale and CyberPearl marks the commencement of our capital recycling strategy to optimise CLINT’s portfolio and enhance our financial agility. By divesting these two assets, we have the option to utilise 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. With our strong financial position, we will continue to seek attractive and accretive investments to deliver sustainable returns to our unitholders.” 

Upon the divestment of CyberVale and CyberPearl, which together have a total area of ~1.4 million sq ft, CLINT’s total completed floor area across its entire portfolio will stand at ~21.2 million sq ft. In Chennai, CLINT’s portfolio would comprise International Tech Park Chennai, three industrial facilities, and one data centre under development. In Hyderabad, CLINT’s portfolio would comprise International Tech Park Hyderabad, aVance Hyderabad, and one data centre under development.