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CapitaLand India Trust signs agreement with global hyperscaler amid fast-growing data centre demand
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.
ah nei babe is slowly growing up...
Indeed rapid growth but unfortunately, it didn' t translate to higher unit price and potentially, higher DPU. All gains eroded by higher itnerest cost and strong Sing$. Remain not a buy at the moment unless it reaches below $1.02.
HVRRVH ( Date: 29-Jan-2024 19:09) Posted:
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CapitaLand India Trust reports 14% y-o-y increase of total property income at INR43 bil for 3QFY2024
CapitaLand India Trust (CLINT) has reported a total property income of INR4.3 billion ($68.8 million) for the 4QFY2024 ended Sept 30, 14% higher y-o-y. This y-o-y growth was due to higher income from existing properties.
During this period, CLINT&rsquo s net property income (NPI) rose 15% y-o-y to INR3.3 billion ($53 million). The higher NPI came on the back of higher total property income, which was partially offset by an increase in total property expenses.
For the 9MFY2024 or year-to-date, total property income saw a 20% y-o-y increase to INR12.7 billion, following income contributions from Building Q2, which was acquired in July.
9MFY2024 NPI rose by 19% y-o-y to INR9.7 billion, due to higher total property income, which was partially offset by an increase in total property expenses.
As at Sept 30, CLINT&rsquo s portfolio occupancy stood at 91%, with a weighted average lease expiry (WALE) of 3.5 years.
For the period, CLINT&rsquo s fixed rate debt stood at 80.3%, and has a gearing ratio of 40.1%. Its interest service coverage stood at 2.6 times.
CLINT&rsquo s cash and cash equivalent as at Sept 30 stood at $130 million.
total property income up 19%...net property income up 18%...current yield abt 6.3%, expect higher dpu fr next q...gearing 38%....accumulate to long fr passive income.....dyodd
CapitaLand India Trust prices S$150 million notes at 3.7%
CAPITALAND India Trust&rsquo s (Clint) trustee-manager announced on Thursday (Aug 22) that it has priced S$150 million notes at 3.7 per cent per annum.
The interest on the notes, which are due in 2027, will be payable semi-annually in arrear. The notes are expected to be rated &ldquo BBB-&rdquo by Fitch Ratings.
The trustee-manager added that DBS has been appointed as sole global coordinator and sole ratings adviser, while DBS and UOB have been appointed as joint lead managers for the notes.
The net proceeds from the issue of the notes will be used to refinance existing borrowings or repay loans and finance the business activities, acquisitions and general working capital of Clint, it said.
The notes are expected to be issued on Aug 30 and listed on the Singapore Exchange on Sep 2.
CapitaLand India Trust posts 8.3% rise in H1 DPU to 3.64 cents
Growth driven by higher rental income, positive rent reversion and higher occupancy
CAPITALAND India Trust (Clint) saw an 8.3 per cent increase in distributions per unit to 3.64 Singapore cents for the half year ended Jun 30, thanks to growing rental income and occupancy.
The trust&rsquo s total property income grew 23.2 per cent to S$136.1 million, while net property income was up 20.9 per cent to S$103.5 million. Income to be distributed increased 10.7 per cent to S$48.7 million.
The growth was driven by higher rental income from existing properties, positive rent reversion and higher occupancy, said Sanjeev Dasgupta, chief executive of Clint&rsquo s trustee-manager.
Properties that contributed income include Block A in the International Tech Park Hyderabad (ITPH) the International Tech Park Pune, Hinjawadi, and industrial facilities in Mahindra World City, Chennai, which were acquired in December 2023.
The trust&rsquo s committed occupancy rose to 96 per cent as at end-June, compared to 93 per cent in end-2023. This was due to leasing activities at the aVance property in Hyderabad&rsquo s Hitec City, and Building Q1 in Navi Mumbai.
Looking ahead, Clint is focused on various growth initiatives. The trust recently acquired another Navi Mumbai property &ndash Building Q2, a fully leased, multi-tenanted IT office building at the Aurum Q Parc business park.
&ldquo This strategic acquisition is expected to generate stable returns for our unitholders, aligning with our commitment to long-term value creation,&rdquo said Dasgupta.
The development of MTB 6 in International Tech Park Bangalore (ITPB) is also currently underway, with projected completion by the end of 2024.
Meanwhile, superstructure works for Clint&rsquo s data centres in Navi Mumbai and ITPH are progressing as planned. The development of the data centres in Chennai and ITPB is expected to commence in the second half of 2024.
Clint&rsquo s completed floor area stood at 21 million square feet as at end-June, and the trust has a total development potential of 7.1 million sq ft. Its assets under management stood at S$3.2 billion as at end-June.
The trust has a gearing ratio of 38.1 per cent as at end-June, with debt headroom of about S$915 million. It has a sustainable finance portfolio of S$1.16 billion, comprising 76 per cent of its total loans as at end-June. In May, Clint secured a sustainability-linked loan of S$200 million from the International Financial Corporation.
Indian virus spiking in Kerala. No vaccine, no cure.
CapitaLand India Trust says newly acquired Navi Mumbai property fully leased
SINGAPORE - CapitaLand India Trust (Clint) has completed the acquisition of an office building located in Navi Mumbai, India, for 6.8 billion rupees (S$110 million).
This increases Clint&rsquo s total completed floor area by about 4 per cent to about 21.8 million sq ft, the manager said on July 22.
The acquired information technology non-special economic zone asset, Building Q2, is located at Aurum Q Parc business park. It has a net leasable area of about 820,000 sq ft and is fully leased to local and multinational companies, such as Mizuho Bank and Shriram Finance.
Building Q2, which is located near major IT campuses, is valued at about 7.5 billion rupees by an independent property valuer.
The transaction is expected to be fully funded by debt and internal resources, said Clint&rsquo s manager.
Clint Management chief executive Sanjeev Dasgupta said the purchase of Building Q2 expands the trust&rsquo s portfolio in Navi Mumbai, which is a thriving hub for IT and related services.
Following the acquisition, Clint&rsquo s portfolio presence in Mumbai will rise to 2.6 million sq ft from 1.8 million sq ft.
Mr Dasgupta also noted &ldquo strong leasing interest and rental growth&rdquo in the asset. This came amid robust demand from multinational companies seeking a convenient base, as Aurum Q Parc is located near transport networks such as Ghansoli railway station and the upcoming international airport in Navi Mumbai.
&ldquo We will continue to capitalise on the growing demand for business parks and remain committed to delivering sustainable returns to our unitholders,&rdquo he said.
Additionally, some 300 million rupees will also be paid as deferred consideration to Aurum Ventures, subject to the achievement of pre-agreed business milestones, added the manager.
Building Q2 is the second of the two buildings that Clint acquired through a forward purchase agreement with Aurum Ventures, which was entered into in 2018.
As part of the deal, Clint subscribed to five billion rupees of 30-year secured debentures issued by the co-developer of two out of the four buildings in the Aurum IT Sez development in the Aurum Platz IT Park.
The trust then bought 100 per cent of the shares of the co-developer. This comprises two vehicles owned by privately held Aurum Platz, on a top-up basis for up to 9.3 billion rupees in total, based on certain leasing milestones or 24 months from the actual completion date, whichever is earlier. In 2023, Aurum Platz merged with Aurum Ventures.
The first building that Clint purchased through the agreement was completed in November 2021 and has a committed occupancy of 94 per cent.
Both assets add a total of 1.5 million sq ft to the company&rsquo s portfolio.
CapitaLand India Trust to acquire 2.5 million sq ft of IT buildings in Hyderabad
It is expected to increase Clint&rsquo s earnings and distributions for unitholders
CAPITALAND India Trust : CY6U 0% (Clint) has inked a forward purchase agreement to acquire IT buildings with a total leasable area of 2.5 million square feet in Hyderabad, India, from commercial real estate developer Phoenix Group.
Acquiring these assets is expected to increase Clint&rsquo s earnings and distributions for unitholders, said its trustee-manager on Friday (May 3).
The buildings are in Hitec City, which the trustee-manager highlighted as a &ldquo major IT and office hub in Hyderabad where many large multinational companies are located&rdquo .
Sanjeev Dasgupta, chief executive of the trustee-manager, added that the trust is &ldquo well established in this location, with a portfolio of approximately 5.2 million sq ft with high levels of occupancy&rdquo .
As part of the forward purchase agreement, Clint will provide inter-corporate deposits of about 2.2 billion rupees (S$34.7 million) to Phoenix Group for the repayment of existing loans.
The trust has also committed to providing future funding towards developing the buildings before they are acquired by Clint at &ldquo a price to be determined&rdquo , as and when each building is constructed and up to 90 per cent leased.
Clint&rsquo s trustee-manager said it views the acquisition as attractive, as the deal&rsquo s capitalisation rate is higher than market capitalisation rates.
Based on pro forma estimates, acquiring these buildings would have resulted in an FY2023 distribution per unit of S$0.0647, up from S$0.0645.
This is assuming the deal was completed on Jan 1, 2023, and that Clint held interest in phase one of the project through to Dec 31, 2023.
Net profit from the buildings is forecast to be about S$4.5 million on a stabilised basis.
Clint&rsquo s portfolio in Hyderabad currently comprises three business parks: aVance Hyderabad, CyberPearl and International Tech Park Hyderabad.
The trust had earlier acquired five buildings with 2.1 million sq ft of total leasable area through Phoenix Group through forward purchase agreements as well.
It plans to acquire two more buildings in aVance Hyderabad from Phoenix Group within the next 18 months.
This one cannot hold long term in view of strobg dollar vs ruppee
CapitaLand India Trust records 1QFY2024 net property income of INR3.07 bil, up 19% y-o-y
CapitaLand India Trust CY6U 1.02% (CLINT) has reported a net property income of INR3.07 billion ($49.4 million) for the 1QFY2024 ended March 31, up 19% y-o-y due to higher total property income and partially offset by an increase in total property expenses.
Total property income for the same period was up 26% y-o-y to INR4.15 billion or $66.9 million, thanks to higher rental income from existing properties and income contributions from CLINT&rsquo s acquisition and development of ITPH Block A, ITPP-H, Mahindra World City&rsquo s Industrial Facilities 2 and 3.
In March, the REIT completed the acquisition of the 1.4 million sqft aVance II, Pune &mdash previously known as BlueRidge 3 Phase 1 &mdash an IT special economic zone (SEZ) project in Hinjawadi, Pune of which 63% has been leased to multinational companies.
Also during the quarter, CLINT entered into a forward purchase agreement with Casa Grande Group to acquire three industrial facilities aggregating to 0.79 million sqft at OneHub Chennai. The Phase 1 acquisition is expected to be completed by 1H2025, with the transaction offering further diversification into the industrial asset class, says the REIT.
As at March 31, CLINT has a committed portfolio occupancy of 94%. Its properties span 21.0 million sqft, a 24% y-o-y increase in total floor area.
The REIT&rsquo s weighted average lease expiry (WALE) is at 3.4 years. According to the REIT manager, 40% of the leases expiring in 2024 will either be renewed or are &ldquo highly likely&rdquo to be renewed.
CapitaLand India Trust FY2023 DPU falls 21% to 3.09 cents year on yearSINGAPORE - CapitaLand India Trust (Clint) on Jan 29 reported a 21 per cent lower distribution per unit (DPU) for FY2023 of $0.0645, compared to $0.0819 in FY2022.DPU for the second half of FY2023 also fell 21 per cent to $0.0309 from $0.0391 in FY2022, said the trust in a bourse filing.Distributable income slipped 10 per cent in the second half of FY2023 to $45.7 million from $50.6 million in the second half of FY2022. FY2023 distributable income was down 10 per cent to $94.6 million from $105.7 million.The drop in distributable income was due to higher finance costs and current income tax. The enlarged unit base following the preferential offering as well as the appreciation of the Singapore dollar against the Indian rupee led to the fall in DPU.Total property income for the second half of FY2023 rose 15 per cent to $123.6 million from $107.3 million a year prior. This brought total property income for FY2023 to $234.1 million, up 11 per cent from $210.6 million in FY2022.The increase in total property income was driven by new acquisitions, Arshiya Warehouse 7, Industry Facility 1, Block A, International Tech Park Hyderabad, International Tech Park Pune-Hinjewadi and higher rental incomes of existing properties. Meanwhile, the Singapore dollar appreciated 9 per cent to the Indian rupee in FY2023 compared to FY2022.Total property expenses were up 24 per cent in the second half of FY2023 at $29.5 million, from $23.9 million in the second half of FY2022. Similarly, total property expenses for FY2023 rose 24 per cent to $54.4 million from $43.8 million in FY2022. The increase in property expenses was mainly due to higher operations and maintenance expenses and property management fees.Net property income for the second half of FY2023 grew 13 per cent to $94 million from $83.4 million in the second half of FY2022. For FY2023, net property income grew 8 per cent to $179.6 million from $166.8 million in FY2022.&ldquo Despite the elevated interest rate environment, our weighted average cost of debt remained unchanged at 6.3 per cent in both H1 FY2023 and H2 FY2023,&rdquo said Mr Sanjeev Dasgupta, chief executive officer of CapitaLand India Trust Management, the trustee-manager of Clint.Gearing for Clint as at Dec 31 2023 was 35.8 per cent.&ldquo In FY2024, we anticipate the full-year income from Block A, International Tech Park Hyderabad as well as 100 per cent leased Industrial Facility 2 and 3 at Mahindra World City, Chennai, to contribute to Clint&rsquo s overall growth,&rdquo said Mr Dasgupta.
Queued @ $1.02 and also lower but didn' t get. Look like may not get today but once XD I may not want to add @ $1.02 or above, see how.
HVRRVH ( Date: 29-Jan-2024 19:09) Posted:
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Why take Indian risk when there are REITs investing in Singapore that pay higher DPU yields?
Standing by. It may test $1.02 with ' alarming' DPU drop of 21% YoY! However, CLINT is in the phrase of rapid growth, most of the newer assets would start contribution only from late 2024 and beyond although it is expected that a 20% increase in revenue will materialised in 1Q24. Having said that, CLINT continues to face currency risk as SGD seems to be perpetually strong, more so with MAS' s latest announcement which is as good as saying they will keep the Sing dollar strong against the trading partners. With strong balance sheet and low gearing, plus India is slated to keep growing its economy, CLINT should be an add when price is 10-15% below NAV.
HVRRVH ( Date: 29-Sep-2023 22:35) Posted:
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CapitaLand India Trust acquires pair of Chennai assets for 1.8 billion rupees
CAPITALAND India Trust : CY6U 0% (Clint) has acquired two industrial facilities in Mahindra World City, Chennai, for 1.8 billion rupees (S$28.7 million) &ndash or below their total open market value of 1.9 billion rupees as at Nov 30, 2023.
On Tuesday (Dec 19), Clint&rsquo s trustee-manager said that it expects the transaction to be fully funded by debt and internal cash resources.
&ldquo This investment underscores Clint&rsquo s further expansion of its portfolio to include high-quality industrial and logistics assets,&rdquo said Sanjeev Dasgupta, chief executive of the trustee-manager.
&ldquo Going forward, Clint will continue to tap into the rising demand from international and regional firms that are increasingly expanding their manufacturing activities in India.&rdquo
Clint&rsquo s portfolio in Chennai now comprises two business parks, three industrial facilities, and a data centre under development in Ambattur which is expected to be completed in 2025.
The business trust&rsquo s latest acquisitions come after Clint entered into an amended share purchase agreement with the asset vendors, following a forward purchase agreement inked for the assets in July 2022.
Under the forward purchase agreement, Clint would provide funding for the development of the properties known as Casa Grande &ndash Phase 2. The business trust would then fully acquire the project&rsquo s developer, Chengalpattu Warehousing Parks, upon completion of the Phase 2 project.
At the time, the trustee manager of Clint &ndash then known as Ascendas India Trust &ndash said its proposed acquisition of Casa Grande &ndash Phase 2 could improve the trust&rsquo s earnings and distributions to unitholders. It was also expected to increase Ascendas India Trust&rsquo s portfolio size to about 25.3 million square feet (sq ft) from 25 million sq ft.
Clint&rsquo s trustee-manager said that with the recent acquisition, the business trust&rsquo s completed floor area for its industrial and logistics assets has risen to about 10 per cent of its portfolio.
Its completed floor area for the entire portfolio has also increased to 19.6 million sq ft, from 19.2 million sq ft previously.
Both of Clint&rsquo s newly-acquired industrial facilities are fully leased and collectively take up 330,000 sq ft, of which the majority (310,000 sq ft) is leased to what the trustee-manager refers to as a &ldquo leading international electronics manufacturer&rdquo .
The remaining 20,000 sq ft is leased to a &ldquo global energy solutions provider&rdquo .
The acquisition of Casa Grande &ndash Phase 2 marks Clint&rsquo s second forward purchase transaction with the Casa Grande Group, after it completed its first forward purchase transaction of a fully leased industrial facility known as Casa Grande &ndash Phase 1 in May 2022.
At current prices there are SGX listed REITs with much higher dividend yields and where I don' t need to take India country risk.
If want to trade then maybe wait at $1.02 or lower for better buffer. But we never know as the price may or may not come down to such level. I mention $1.02 or lower because that is the level I would consider to add again.
Wan1820 ( Date: 29-Sep-2023 22:20) Posted:
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So short term it could be bullish with less inflation than expected. This stock didnt go up like other SG reits today. Wonder why
HVRRVH ( Date: 29-Sep-2023 22:05) Posted:
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