CapitaLand India Trust (CLINT) is divesting two properties CyberVale in Chennai and CyberPearl in Hyderabad for just over 11 billion rupees, or $161.7 million.
CLINT, making its first divestment since listing in 2007, will book net proceeds of some $158.8 million.
These two assets are sold at 3% premium to their independent valuations as at December 31 2024.
Gauri Shankar Nagabhushanam, CEO of CLINT's manager, calls the successful divestment of CyberVale and CyberPearl the commencement of its capital recycling strategy.
"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,” he adds.
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Upon completion of the sale, 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.
CLINT units were changing hands at $1.16 ahead of the lunch break, down 0.85% thus far today but up 7.41% year to date.
