The assets will be acquired by CapitaLand Investment’s development-focused data centre fund, which completed its first close with S$150 million in equity
[SINGAPORE] CapitaLand India Trust (Clint) has entered deals to divest partial stakes in three data centre assets under development to the CapitaLand India Data Centre Fund (CIDCF), which is under CapitaLand Investment (CLI) .
CIDCF, which focuses on opportunities in India’s data centre corridor, will acquire stakes of 20.2 per cent in each of the three data centre assets, CLI said on Wednesday (Dec 31). The estimated total purchase consideration is seven billion rupees (S$99.7 million).
The fund will also have the right of first offer to acquire a stake in Clint’s fourth data centre, CapitaLand DC Bangalore, in Bengaluru.
The transactions are in line with Clint’s portfolio reconstitution strategy to realise value from its data centre developments and strengthen its balance sheet, the trust’s manager said on Wednesday.
Gauri Shankar Nagabhushanam, chief executive officer of Clint’s manager, said: “By unlocking value earlier in the development cycle, while retaining a significant stake in the assets, we are able to support our development pipeline and enhance financial flexibility.”
He added that the trust’s remaining stakes in the assets allow it to stay invested in the growth of India’s data centre sector.
“The partnership with CIDCF also provides Clint the right to participate in a partial stake in future data centre developments by our sponsor, and potentially buy back the assets or explore exit options such as an initial public offering of the assets,” he noted.
The three data centre assets will have artificial intelligence capabilities and sustainable design features to meet the demands of hyperscalers and large enterprises in the region, CLI said.
Collectively, the projects have a secured power capacity of around 200 megawatts (MW), it added.
The first completed tower of CapitaLand DC Mumbai, located in Navi Mumbai, has a capacity of 34 to 50 MW. The second tower, which is still under development, will have 37 to 55 MW of capacity.
CapitaLand DC Chennai and CapitaLand DC Hyderabad will have 34 to 53 MW and 27 to 42 MW of capacity, respectively, when completed.
CIDCF will fund the acquisitions with equity raised in its first close – which was anchored by a third-party global institutional investor – of around S$150 million. The fund has a target of S$300 million at its final close.
The total purchase consideration of the three data centres is based on 20.2 per cent of the total enterprise value of 52 billion rupees as at Dec 31, 2025, Clint’s manager said. This is subject to post-completion adjustments for liabilities, working capital and capital expenditure.
The transaction follows Clint’s September divestment – its first since its 2007 listing – of two assets in Chennai and Hyderabad for 11 billion rupees.
Units of Clint ended Wednesday 0.8 per cent or S$0.01 lower at S$1.22, while CLI closed flat at S$2.71.
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