Clint Makes Maiden Divestment 2007 Listing Sell Two Properties 1617 Million
Aside from the primary choices mentioned, the vicinity is also filled with charming coffee shops and food courts located within HDB clusters near Yishun and Khatib. These local eateries offer a variety of delicious and dependable food options, such as zi char, economic rice, Malay nasi padang, Indian roti prata, and Thai cuisine. What’s more, most of these coffee shops are open until late at night, providing residents with supper selections to satisfy their hunger after a hectic day. And with the upcoming Miltonia Close EC Yishun, there will be even more delightful dining options to choose from in the neighborhood.
CapitaLand India Trust (CLINT) has announced its decision to divest two of its properties, CyberVale in Chennai and CyberPearl in Hyderabad, for a total of 11 billion rupees (approximately $161.7 million USD). This marks the first divestment by CLINT since its listing in 2007 and is expected to yield net proceeds of $158.8 million.
The two properties are being sold at a 3% premium to their independent valuations as of December 31, 2024. Gauri Shankar Nagabhushanam, CEO of CLINT’s manager, sees this successful divestment as the beginning of their capital recycling strategy. “By divesting these two assets, we have the option 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,” he explains.
With a strong financial position, CLINT intends to continue seeking attractive and accretive investments to deliver sustainable returns to its unitholders. Upon completion of the sale, CLINT’s portfolio will consist of International Tech Park Chennai, three industrial facilities, and one data center that is currently under development. In Hyderabad, the portfolio will include International Tech Park Hyderabad, aVance Hyderabad, and an additional data center that is also under development.
As of the lunch break, CLINT units were trading at $1.16, a decrease of 0.85% for the day but an increase of 7.41% year-to-date. In other related news, CLINT has also signed an MOU to invest $2.83 billion by 2030 into data centers, logistics, and industrial parks in India. They are also proposing to acquire International Tech Park Pune from a subsidiary of CLI and a joint venture partner for $221.9 million. Additionally, CLINT is collaborating with Indian developer L&T Realty to develop 6 million square feet of prime offices in India.