CapitaLand India Trust (CLINT) has agreed to sell CyberVale in Chennai and CyberPearl warehouses in Hyderabad to an unrelated third party for INR11.03bn (€106m).
CyberVale comprises an 800,000sqft IT special economic zone and around 2m sqft free trade warehousing zone in Mahindra World City, while CyberPearl is a 400,000sqft IT Park in HITEC City.
The two assets are being sold at approximately 3% premium to their independent valuations as at 31 December 2024.
The divestment is the first for CLINT since 2007.
The disposal is part of the firm’s portfolio restructuring strategy, which is aimed at enhancing the value of its S$3.7bn (€2.4bn) portfolio.
Gauri Shankar Nagabhushanam, CEO of CapitaLand India Trust Management, 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.”
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