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Summary of CLINT results

Exchange rate movements

Singapore, 6 February 2022 – CapitaLand India Trust Management Pte. Ltd., the Trustee-Manager of CapitaLand India Trust (“CLINT” or the “Trust”), reported the results of CLINT for the second half and financial year ended 31 December 2022 (“2H FY 2022” and “FY 2022” respectively). Year-on-year DPU growth during 2H FY 2022 and FY 2022 stood at 9% and 5% respectively, mainly due to higher portfolio occupancy and income contribution from acquisitions.

"We diversified our portfolio with the acquisition of our 7th warehouse and first industrial facility in 2022. In the fourth quarter ended 31 December 2022, we announced plans to develop two more Data Centres (“DC”) in Hyderabad and Chennai in addition to Mumbai and Bangalore. We now have a DC platform in prime locations across India’s four large DC markets⁴ . We also look forward to the completion of the acquisition of International Tech Park Pune – Hinjawadi (“ITPP-H”)⁵. This is a fully leased asset which will generate and boost stable returns for our unitholders. We believe the acquisitions made and announced during the year will position CLINT for further growth in 2023.”

Growth Initiatives

In the first half ended 30 June 2022 (“1H FY 2022”), CLINT completed the acquisition of Arshiya Warehouse 7 – a 0.33 million sq ft warehouse at the Arshiya Free Trade Warehousing Zone, Panvel, Navi Mumbai, and acquired its maiden Industrial Facility at Mahindra World City, Chennai – a 0.42 million sq ft mobile phone manufacturing facility fully leased to a leading international electronics manufacturer.

In 2H FY 2022, CLINT announced the proposed acquisition of Phase 2 of the Industrial Facility at Mahindra World City, Chennai, via a forward purchase. Subsequently, CLINT announced plans to develop another two DCs (in Hyderabad and Chennai).

In November 2022, CLINT signed a non-binding term sheet with L&T Realty⁷ and announced plans to develop approximately 6 million sq ft of prime office spaces in Bangalore, Chennai, and Mumbai. Under this collaborative platform, L&T Realty will construct the buildings while CLINT will market them.

On 29 December 2022, CLINT announced the proposed acquisition of ITPP-H from its sponsor. ITPP-H is an IT park with total leasable area of approximately 2.3 million sq ft, and is fully leased to prominent IT/ITES tenants such as Infosys, Synechron Technologies and Tata Consultancy Services. The acquisition of ITPP-H will significantly grow the Trust’s total portfolio of completed properties.

Construction activities for existing projects, including the Trust’s committed forward purchase pipeline, are progressing well. To date, Phase I of ITPH’s redevelopment with 1.4 million sq ft leasable area has been completed and occupancy certificate has been received with committed occupancy at 39%⁸. As at 31 December 2022, CLINT’s portfolio comprises of 15.5 million sq ft of completed properties and land bank with total development potential of 8.4 million sq ft⁹.

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[1] Distribution per unit (income to be distributed) in Singapore Dollar terms.
[2] Average exchange rates used in the income statement.
[3]  The Singapore Dollar appreciated by 4.0% and 2.5% against the Indian Rupee in 2H FY 2022 and in FY 2022 respectively.
[4] JLL Research; CBRE Research.
[5] As announced on 29 December 2022, subject to unitholders’ approval at an extraordinary general meeting.
[6] Based on the gearing limit of 50%.
[7] A well-established developer in India with a successful track record of building more than 100 million sq ft of office spaces across the country.
[8] Includes options.
[9] Includes buildings under construction.}