CapitaLand India's Strategic Divestment: A New Chapter in Commercial Real Estate
CapitaLand India Trust (CLINT) plans to divest two commercial properties in Chennai and Hyderabad for Rs 1,103 crore, marking its first asset sale since 2007. The proceeds will be used to repay debt and invest in high-yield projects. This divestment involves a premium over their valuations.
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CapitaLand India Trust (CLINT) announced its decision to divest two significant commercial properties in Chennai and Hyderabad, valued at Rs 1,103 crore. This strategic move marks CLINT's first such divestment since its 2007 listing on the Singapore Exchange.
The two assets being sold, CyberVale and CyberPearl, are expected to generate net proceeds of Rs 1,082.8 crore, which is approximately Singapore dollar 158.8 million. These properties are being sold at a premium of about 3% above their last recorded valuations.
Gauri Shankar Nagabhushanam, CEO of CapitaLand India Trust Management Pte. Ltd., emphasized that the proceeds from this sale will be strategically reinvested to strengthen the company's balance sheet and expand its portfolio. The transaction was facilitated by real estate consultant Cushman & Wakefield.
(With inputs from agencies.)
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