CapitaLand India Trust divests 2 commercial assets in Chennai, Hyderabad for Rs 1,103 cr

New Delhi, Sep 25 (PTI) CapitaLand India Trust (CLINT) will divest two commercial assets in Chennai and Hyderabad for Rs 1,103 crore.

In a statement on Thursday, the company said it has entered into an agreement to "divest CyberVale in Chennai and CyberPearl in Hyderabad to an unrelated third party for Rs 11031 million (approximately Singapore dollar 161.7 million)".

This marks CLINT's first divestment since its listing in 2007.

The two assets will be divested at about 3 per cent premium to their independent valuations as on December 31, 2024. The net proceeds from the divestment are expected to be Rs 1,082.8 crore (approximately Singapore dollar 158.8 million).

CyberVale comprises a 0.8 million sq ft IT Special Economic Zone 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.

Real estate consultant Cushman & wakefield facilitated this deal.

Gauri Shankar Nagabhushanam, Chief Executive Officer of CapitaLand India Trust Management Pte. Ltd. (the Trustee-Manager of CLINT), said, "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." After the divestment of CyberVale and CyberPearl, which together have a total area of around 1.4 million sq ft, CLINT's total completed floor area across its entire portfolio will stand about 21.2 million sq ft.

CapitaLand India Trust (CLINT) was listed on the Singapore Exchange Securities Trading Ltd (SGX-ST) in August 2007 as the first Indian property trust in Asia. PTI MJH TRB