Curation Team
NEW DELHI: CapitaLand India Trust (CLINT) has entered into an agreement to divest CyberVale in Chennai and CyberPearl in Hyderabad to an unrelated third party for ₹11,031 million (approximately S$161.7 million1).
The two assets will be divested at approximately 3% premium to their independent valuations as at December 31, 2024.
The net proceeds from the divestment are expected to be ₹10,828 million (approximately S$158.8 million).
CyberVale comprises a ~0.8 million sq ft IT special economic zone (SEZ) 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, 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.”
Upon the divestment of CyberVale and CyberPearl, CLINT’s total completed floor area across its entire portfolio will stand at ~21.2 million sq ft.
