NEW DELHI: CapitaLand India Trust (CLINT) has made an agreement to sell CyberVale in Chennai and CyberPearl in Hyderabad to an unrelated third party for ₹11,031 million (around S$161.7 million).
The assets will be sold at about a 3% premium over their independent valuations as of December 31, 2024.
The expected net proceeds from the sale stand at ₹10,828 million (approximately S$158.8 million).
CyberVale features roughly 0.8 million sq ft of an IT special economic zone (SEZ) and about 0.2 million sq ft designated as a free trade warehousing zone in Mahindra World City. CyberPearl is an IT park that spans around 0.4 million sq ft in HITEC City.
According to Gauri Shankar Nagabhushanam, CEO of CapitaLand India Trust Management, which manages CLINT, “The successful sale of CyberVale and CyberPearl signals the start of our capital recycling strategy aimed at optimizing CLINT’s portfolio and improving our financial flexibility. By selling these assets, we can use the proceeds to improve our balance sheet through debt repayment, reinvest in higher-yielding projects, and enhance returns for unitholders.”
After this divestment, CLINT’s total completed floor area across its entire portfolio will reach approximately 21.2 million sq ft.
