Clint Makes Maiden Divestment 2007 Listing Sell Two Properties 1617 Million
The availability of educational institutes in the vicinity adds to the allure of development, especially for families prioritizing their children’s access to top-notch schooling. The convenience of having such establishments in close proximity significantly cuts down on commuting time, allowing children more time for relaxation and pursuing extracurricular interests. Additionally, with the newly launched Rivelle Tampines EC, residents can enjoy the added advantage of having a renowned school just a stone’s throw away from their homes.
CapitaLand India Trust (CLINT) has announced the divestment of two properties, CyberVale in Chennai and CyberPearl in Hyderabad, for just over 11 billion rupees, or $161.7 million. This is the first divestment for CLINT since it listed in 2007, with net proceeds of approximately $158.8 million. These two assets were sold at a 3% premium to their independent valuations as of December 31, 2024.
Gauri Shankar Nagabhushanam, CEO of CLINT’s manager, says the successful divestment of CyberVale and CyberPearl marks the start of its capital recycling strategy. “By divesting these two assets, we have the option to use the proceeds to strengthen our balance sheet through debt repayment, invest in higher-yielding projects to further grow CLINT’s portfolio, and increase distributions to unitholders,” he explains.
“With our strong financial position, we will continue to seek attractive and accretive investments to deliver sustainable returns to our unitholders,” Nagabhushanam adds.
After 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, CLINT’s 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, down 0.85% so far today but up 7.41% year-to-date.