CapitaLand India Trust (CLINT) has agreed to divest 20.2% stakes in three data centre assets under development to CapitaLand India Data Centre Fund (CIDCF) for an estimated INR7.02 billion ($99.73 million).

CIDCF is a data centre private fund focused on development opportunities across India’s key data centre corridors. Its sponsor, global asset manager CapitaLand Investment Limited (CLI), has raised $150 million in equity in the fund’s first close, with a final target of about $300 million.

The three data centre assets acquired by CIDCF are located within established data centre corridors, with access to power and network connectivity, says Hardik Gesota, managing director and head of India private funds at CLI. “The portfolio is well-positioned to meet growing demand from hyperscalers and enterprise customers,” he adds.

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The data centre assets are as follows:

Gesota notes that CLI brings more than 30 years of operating experience in India, putting it in a strong position to develop and manage secure, scalable, and sustainable data infrastructure in line with market demand.

“India has emerged as a hotspot for data centre investment, driven by cloud adoption, data localisation requirements and the rapid growth of AI-led workloads,” says Andrew Lim, group COO of CLI.

The country’s data centre capacity is expected to double by 2027, according to Lim. “With three prime assets currently under development and power already secured, CIDCF offers private capital an attractive opportunity to participate in this growth,” he adds.

The partnership with CIDCF allows CLINT to retain exposure to future data centre developments, while preserving flexibility to buy back the assets or pursue exit options, including a potential initial public offering of the data centre portfolio, says Gauri Shankar Nagabhushanam, CEO of CapitaLand India Trust Management, the trustee-manager of CLINT.

“The partial divestment reflects the continued execution of our portfolio reconstitution strategy,” adds Nagabhushanam. “By unlocking value earlier in the development cycle while retaining a meaningful stake in the assets, we can support our development pipeline and enhance our financial flexibility.”