Singapore-based real estate asset manager CapitaLand Investment, which has backed business parks, data centres, and industrial and warehousing projects in India for over three decades, has marked the first close of its data centre-focused fund, CapitaLand India Data Centre Fund (CIDCF).
The fund has raised S$150 million (around Rs 1,049 crore), anchored by a global institutional investor, along with a GP commitment from CapitaLand Investment. It is targeting a final close of S$300 million.
Following the first close, CIDCF will acquire a 20.2% stake in three data centres from CapitaLand India Trust (CLINT), a Singapore-listed REIT investing in Indian real estate, for an estimated purchase consideration of Rs 702 crore (around S$100 million) according to a press note.
Andrew Lim, group COO, CapitaLand Investment, said India’s data centre capacity is expected to double by 2027. “With three prime assets currently under development and power secured, CIDCF offers an attractive prospect for private capital to participate in this growth opportunity,” he added.
Hardik Gesota, managing director and head, India Private Funds, CapitaLand Investment, said the fund’s portfolio is strategically located within India’s established data centre corridors with access to power and network connectivity.
CapitaLand has also been actively divesting its portfolio this year. Last month, VCCircle reported it is in the process of exiting International Tech Park, Radial Road, Chennai, spread over 2.6 million sq ft across two towers. Earlier this year, it sold two IT parks–CyberVale in Chennai and CyberPearl in Hyderabad–to an unrelated third party for Rs 1,103.1 crore (S$125 million).
