DBS, UOB, JP Morgan Securities Asia and Deutsche Bank are the joint lead managers for the issuance

 

[SINGAPORE] CapitaLand India Trust (Clint) : CY6U +0.97% has priced S$100 million in subordinated perpetual securities at a 4.4 per cent fixed rate under its S$1.5 billion multicurrency debt issuance programme. 

 

Net proceeds from the issuance will be used to refinance existing borrowings, repay loans and finance business activities, acquisitions and the general working capital of Clint, the trustee-manager said on Wednesday (Jun 25).

 

DBS, UOB, JP Morgan Securities Asia and Deutsche Bank are the joint lead managers for the issuance. 

 

The perpetual securities will be issued in denominations of S$250,000 at an issue price of 100 per cent of the principal amount, the trustee-manager said. They are expected to be issued on Jul 2, and listed on the Singapore Exchange on or around Jul 3.

 

Perpetual security holders will receive distributions at a fixed rate of 4.4 per cent per annum from the expected issue date up till, but excluding, the first reset day on Jul 2, 2030. 

 

Subsequently, they will receive distributions at a per-annum fixed rate equal to the five-year Singapore Overnight Rate Average Overnight Indexed Swap, according to the relevant reset date.

 

While there is no fixed final redemption date, Clint may redeem all the perpetual securities at the redemption amount on the first reset date or any distribution payment date following that. In that event, the business trust will give perpetual security holders a notice of at least 30, but not more than 60 days. 

 

Clint may also redeem the perpetual securities upon the occurrence of other redemption events, including for taxation or accounting reasons, and in the case of a minimal outstanding amount, as specified in conditions in the pricing supplement. 

This is due to higher rental income from existing properties and income contributions from the acquisitions it made in 2024, says manager

 

[SINGAPORE] CapitaLand India Trust : CY6U +1.06% (Clint) posted a total property income of 4.7 billion rupees (S$74.6 million) for its first quarter ended Mar 31, 2025, up 14 per cent from the 4.2 billion rupees in the same period a year earlier.

 

This was due to higher rental income from existing properties and income contributions from the acquisitions it made in 2024, which includes aVance II in Pune and Building Q2 in Navi Mumbai, the manager said in a Q1 business update on Thursday (Apr 24).

 

Net property income rose 14 per cent on the year to 3.5 billion rupees for the quarter, from 3.1 billion rupees in Q1 2024.

 

This was due to higher property income, partially offset by an increase in property expenses.

 

Portfolio occupancy stood at around 90 per cent, while its weighted average lease expiry was 3.4 years as at Mar 31.

 

Net gearing ratio stood at 39.7 per cent.

 

Commenting on the potential effect of the US tariffs, the manager said that the levies have minimal direct impact on its service-sector tenants, while India&rsquo s large domestic market is resilient to US demand fluctuations in the short term.

 

In fact, the impact of US tariffs on the Indian economy could be beneficial in the medium term, it noted.

 

India&rsquo s large labour supply and stable politics make it an attractive relocation destination, which could benefit its contract manufacturing tenants, the manager added.

 

CapitaLand India Trust signs agreement with global hyperscaler amid fast-growing data centre demand

Nevertheless, it expects the global economic uncertainty to slow service industry growth, while leasing demand may be affected by a cautious approach from multinational corporations.

Revenue for the quarter is up 12.5% at S$1.5 billion

CATERING and ground handling company Sats posted a 123.5 per cent increase in net profit to S$70.4 million for the quarter ended Dec 31, 2024, from S$31.5 million a year earlier.

 

This came as revenue over the same period rose 12.5 per cent year on year to S$1.5 billion, from S$1.4 billion.

 

In its Q3 business update released on Friday (Feb 21), the company attributed the increase in net profit to operating leverage derived from higher business volume and rate increases from customers.

 

Revenue for gateway services climbed 10.1 per cent year on year to S$1.2 billion, which reflected favourable market conditions and continued market share gains.

 

&ldquo Our cargo volumes exceeded Iata&rsquo s (International Air Transport Association) global growth benchmarks, supported by broad-based demand and the shift of some ocean freight to air cargo due to Red Sea disruptions,&rdquo Sats said.

 

Meanwhile, food solutions revenue grew 21.1 per cent year on year to S$356.7 million, driven by increased demand for inflight meals.

 

In Q3, the company noted that free cash flow also improved to S$118.1 million, from S$44.7 million a year ago.

 

In its outlook, Sats : S58 +0.3% said that while tariff increases could negatively impact trade flows, it is confident it will have the resilience to navigate the challenges. Chief executive Kerry Mok said: &ldquo With our global network, we are in a good position to support our customers in their response to short-term adjustments in this period of volatility while keeping long-term opportunities in mind.&rdquo

It expects to acquire the space in H1 2030, expanding its operational area in the city to 9.9 million sq ft

 

CAPITALAND India Trust (Clint) will purchase a 1.13 million-square-foot (sq ft) office project in Bengaluru from luxury residence developer Maia Group for 14.7 billion rupees (S$233.6 million).

 

The trustee-manager of Clint on Friday (Feb 21) said that net profit from the acquisition is forecast to be S$7.7 million, on a stabilised basis, while distribution per unit is expected to rise to S$0.0696 from S$0.0684.

 

Clint will fund up to S$156.4 million over the next four years as the project is constructed.

 

The office project is part of a freehold mixed-use development with a total net leasable area of 1.36 million sq ft, with retail space taking up the balance leasable area.

 

Clint expects to acquire the office space in the first half of 2030, while Maia will retain the retail portion.

 

The trustee-manager added that Clint will fund the acquisition through divestment proceeds over the near term, debt and internal resources.

 

&ldquo The forward purchase agreement will be executed upon completion of the office project construction and is subject to receipt of the occupancy certificate and the fulfilment of other key conditions,&rdquo it added.

 

The project will increase the operational area of Clint&rsquo s Bengaluru portfolio to 9.9 million sq ft, from 8.7 million sq ft currently.

 

Gauri Shankar Nagabhushanam, chief executive of the trustee-manager, noted that Bengaluru had record leasing levels for Grade A office space in 2024. In addition, Outer Ring Road, where Clint&rsquo s project is located, is the largest office micro-market in the city.

 

He added that the forward purchase marks the beginning of Clint&rsquo s partnership with Maia. 

 

Prominent occupiers in the micro-market include tech companies such as Google and Oracle, as well as financial institutions like JPMorgan and Goldman Sachs.

Net property income for the half-year rises 9% to S$102.1 million, from S$94 million in the year-ago period

 

CAPITALAND India Trust : CY6U 0% (Clint) posted a 3 per cent increase in distribution per unit (DPU) to S$0.032 for the second half ended Dec 31, 2024, from S$0.0309 in the year-ago period.

 

DPU for FY2024 also rose 6 per cent to S$0.0684 from S$0.0645 in FY2023, Clint&rsquo s trustee-manager said on Monday (Jan 27).

 

The trust&rsquo s total property income for the half-year was up 15 per cent at S$141.8 million, from S$123.6 million in H2 FY2023. This brought total property income for FY2024 to S$277.9 million, up 19 per cent from FY2023&rsquo s S$234.1 million.

 

This increase was driven primarily by higher rental income from existing properties, along with contributions from recent acquisitions, including aVance II Hinjawadi in Pune and Building Q2 at Aurum Q Parc in Navi Mumbai. 

 

It was also supported by income from three assets acquired in 2023: Block A at International Tech Park Hyderabad, International Tech Park Pune-Hinjawadi, and Industrial Facilities 2 and 3 at Mahindra World City in Chennai.

 

Net property income (NPI) for H2 FY2024 grew 9 per cent to S$102.1 million from S$94 million in the year-ago period. For the full year, NPI rose 14 per cent to S$205.6 million, from S$179.6 million in FY2023.

 

The NPI growth was driven by &ldquo income recognition from recent acquisitions, higher rental income from existing assets and positive rent reversion&rdquo , said Gauri Shankar Nagabhushanam, chief executive officer of Clint&rsquo s trustee-manager.

 

Distributable income for H2 FY2024 was up 4 per cent at S$47.4 million, from S$45.7 million in H2 FY2023. For the full year, distributable income was up 7 per cent year on year at S$101.5 million, from S$94.6 million.

 

Significant progress

Nagabhushanam noted that Clint made &ldquo significant progress&rdquo on its data centre assets, having signed an agreement with a major global hyperscaler in January 2025.

 

Revenue contribution from this hyperscaler is expected to commence by the second quarter of this year, and the trust will divest a partial stake in its data centre portfolio to &ldquo unlock greater value for unitholders&rdquo , he added.

 

He also said that Clint&rsquo s potential divestments of two mature IT parks are &ldquo progressing as planned&rdquo .  

 

The trust&rsquo s committed occupancy rose to 95 per cent as at end-2024, driven by proactive customer engagement, noted Nagabhushanam. &ldquo We remain positive on our growth prospects in India and will continue to enhance returns to unitholders,&rdquo he said.

 

As at Dec 31, 2024, Clint&rsquo s completed floor area stood at 21.9 million square feet (sq ft) with a total development potential of 7.1 million sq ft. As at the same date, the trust&rsquo s assets under management were up 20 per cent year on year at S$3.7 billion, while its gearing stood at 38.5 per cent.

 

Clint&rsquo s FY2024 results were posted against the backdrop of the Singapore dollar appreciating 2 per cent year on year against the Indian rupee.

It is likely to pre-lease around 250 megawatts of power capacity under development

 

CAPITALAND India Trust&rsquo s : CY6U -0.94% (Clint) manager announced on Wednesday (Jan 15) that it has signed a long-term agreement with a leading global hyperscaler for one of its data centres under development. 

 

With this, Clint is likely to pre-lease around half of its total gross power capacity under development, of around 250 megawatts (MW), the trust&rsquo s manager said. 

 

The move is part of Clint&rsquo s strategic diversification plans and will strengthen its portfolio in India, the trust&rsquo s manager informed.

 

The trust is also developing four facilities in the key data centre corridors of India, which are Mumbai, Chennai, Hyderabad and Bengaluru. 

 

Gauri Shankar Nagabhushanam, chief executive officer of Clint&rsquo s manager, said: &ldquo Clint&rsquo s decision to diversify into critical infrastructure such as data centres is validated by the strong interest shown by hyperscale and enterprise customers and positions us well to capitalise on India&rsquo s burgeoning digitalisation needs.&rdquo  

 

He added that Clint is on track to complete the development of its India data centres, accelerate leasing momentum, and unlock value through divestments of partial stakes to strategic investors. &ldquo With the support of our sponsor, CapitaLand Investment : 9CI +1.63% (CLI), we are well-poised to meet the fast-growing demand for data centre capacity in India.&rdquo  

 

Manohar Khiatani, senior executive director of CLI, noted that demand for data centres is set to grow on the back of rapid digital transformation, increased adoption of cloud computing and the need for data localisation.

 

Moreover, India &ndash a core market for CLI &ndash demonstrates &ldquo strong growth potential&rdquo across asset classes Clint is active in, including data centres, said Khiatani, who oversees the global real asset manager&rsquo s data centre business. 

 

&ldquo India is seeing a surge in demand for data storage and processing given the significant scale and growth of mobile and Internet users and businesses widely adopting technologies such as artificial intelligence and Internet of things,&rdquo he noted. 

 

He added that CLI is &ldquo fully equipped&rdquo to support Clint&rsquo s growth in India, given its 30 years of experience in the country, its strong technical capabilities, and its global customer network. 

 

CLI has 27 data centres globally and offers more than 800 MW of gross power on a &ldquo completed basis&rdquo . This positions it to cater to the expansion needs of hyperscalers and enterprises, said Khiatani.