CLINT NPI grows 8% YoY to $179.6m in 2023

Its growth was boosted by the acquisition of quality assets.

CapitaLand India Trust (CLINT) logger an 8% year-on-year net property income growth to $179.6m, driven by acquisitions of quality assets.

In a disclosure, CLINT said its total property income saw an 11% YoY increase.

“CLINT’s net assets increased by S$263 million or 19% from a year ago due to our new acquisitions and uplift in valuation. Despite the elevated interest rate environment, our weighted average cost of debt remained unchanged at 6.3% in both 1H 2023 and 2H 2023,” said MCLINT Management CEO Sanjeev Gupta.

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The company added that its portfolio committed occupancy improved following the acquisition of ITPP-HA, IF2 and IF3 with 100% occupancy, whilst Block A, ITPH has a committed occupancy of 98%.

The company also announced the development of a 0.21 million square feet Free Trade Warehousing Zone on vacant land within CyberVale which is located at Mahindra World City, Chennai in the second half of 2023.

It is also developing MTB 6 in International Tech Park Bangalore (ITPB) which will be completed by the end of 2024. Works at the data centres in Navi Mumbai and ITPH have started whilst its data centres in Chennai and ITPB will begin works in the first half of 2024, amongst other developments.