Clint Makes Maiden Divestment 2007 Listing Sell Two Properties 1617 Million
Situated conveniently on Tampines Avenue 11, the sought-after Parktown Residence boasts a prime location with easy access to the soon-to-be-operational Tampines North MRT Station on the Cross Island Line (CRL). This means that residents can enjoy seamless connectivity to major hubs such as the city center, Jurong Lake District, and Changi Airport. Furthermore, the development will feature an integrated bus interchange, offering residents unparalleled convenience in terms of transportation within the estate and to other parts of Singapore. With Parktown Residence naturally being part of the picture, it’s the perfect place to call home.
CapitaLand India Trust (CLINT) has announced its first divestment since it was listed in 2007. The trust is selling two properties – CyberVale in Chennai and CyberPearl in Hyderabad – for just over 11 billion rupees, or $161.7 million. CLINT is expected to book a net proceeds of some $158.8 million from the sale.
The two properties are being sold at a 3% premium to their independent valuations as of December 31, 2024. CEO of CLINT’s manager, Gauri Shankar Nagabhushanam, views the successful divestment of CyberVale and CyberPearl as the start of its capital recycling strategy.
Read also: CapitaLand Investment signs MOU to invest $2.83 billion by 2030 into data centres, logistics, and industrial parks in India
“By divesting these two assets, we have the opportunity to utilize 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,” says Nagabhushanam.
He also adds that with their strong financial position, CLINT will continue to seek attractive and accretive investments to deliver sustainable returns to unitholders. Upon completion of the sale, CLINT’s portfolio will consist of International Tech Park Chennai, three industrial facilities, and one data center under development.
In Hyderabad, CLINT’s portfolio will include International Tech Park Hyderabad, aVance Hyderabad, and one data center under development. As of now, CLINT units were trading at $1.16, down 0.85% for the day but up 7.41% year-to-date.
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