Clint Makes Maiden Divestment 2007 Listing Sell Two Properties 1617 Million
CapitaLand India Trust (CLINT) has recently announced the divestment of two of its properties, CyberVale in Chennai and CyberPearl in Hyderabad, for a total of 11 billion rupees (approx. $161.7 million USD). This marks the first divestment for CLINT since its listing in 2007, and will result in net proceeds of approximately $158.8 million.
The sale of these two assets were made at a 3% premium to their independent valuations as of December 31, 2024. Gauri Shankar Nagabhushanam, the CEO of CLINT’s manager, has deemed the successful divestment of CyberVale and CyberPearl as the start of their capital recycling strategy.
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“By divesting these two assets, we have the opportunity to use the proceeds to strengthen our balance sheet by paying off debt, invest in higher-yielding projects to further expand our portfolio, and increase distributions to our unitholders,” says Nagabhushanam.
He adds that their strong financial position allows them to continue seeking attractive and profitable investments that will ultimately benefit their unitholders in the long run.
Once 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, their portfolio will include International Tech Park Hyderabad, aVance Hyderabad, and one data centre under development.
As of the lunch break, CLINT units were trading at $1.16, a 0.85% decrease for the day but an overall 7.41% increase in value for the year. Other recent developments from CapitaLand India Trust include their proposed acquisition of the International Tech Park Pune from its subsidiary and joint venture partner for $221.9 million, as well as their partnership with Indian developer L&T Realty to develop 6 million square feet of prime office space in India.