ANNUAL REPORT 2023
CAPITALAND INDIA TRUST
WHERE IDEAS
TAKE SHAPE
At CapitaLand India Trust, we remain focused on creating sustainable value for our stakeholders. We bring diverse ideas and leverage our real estate investment management expertise across our multifaceted portfolio - IT business parks, industrial and logistics facilities and data centre developments - supported by our strong team on the ground.
The convergence and interconnection of distinct shapes on the cover page captures this essence. It also showcases our dynamic ONE CapitaLand Ecosystem, as we forge ahead together with a shared purpose of making a positive impact.
CONTENTS
Overview
4 At A Glance
6 Significant Events
8 Chairman's Message
12 In Conversation With CEO
Leadership
- Board Of Directors
- Trustee-Manager
- Property Manager
22 Trust & Organisation Structure
Strategy
- Investment Management
- Asset Management
- Capital Management
- Risk Management
- Investor Relations
Performance
- Financial Highlights
- Financial Review
Portfolio
- Property Portfolio
- Market Review
- Operational Review
ESG Framework
62 Sustainability Report
116 Corporate Governance Report
Financials
156 Trust Financial Statements
241 Trustee-Manager Financial Statements
Other Information
- Statistics Of Unitholdings
- Glossary
- Market Research Report
- Corporate Information
International Tech Park Bangalore
2 CAPITALAND INDIA TRUST
WHO WE ARE
CapitaLand India Trust ("CLINT" or the "Trust") is a property trust which owns nine world-class IT business parks, four industrial and logistics facilities and four data centre developments in India, valued at S$3.0 billion as at 31 December 2023. With total completed floor area of 19.6 million square feet spread across Bangalore, Chennai, Hyderabad, Mumbai and Pune, CLINT is focused on capitalising on the growing IT industry, industrial and logistics asset class, and new economy asset classes such as data centres. CLINT is structured as a business trust, offering stable income distributions similar to a real estate investment trust. CLINT focuses on enhancing shareholder value by actively managing existing properties, developing vacant land in its portfolio and acquiring new properties.
Our properties provide modern and high-quality business spaces to our tenants. This helps us attract and retain prominent tenants that commit to long leases, thereby fostering a stable income profile for the Trust.
Our growth is founded on a prudent approach to capital management. We are geared towards maintaining a strong balance sheet that meets the liquidity needs of the business.
OUR | To be a leading property Trust with a |
professionally managed portfolio of | |
VISION | |
quality business space across India. | |
OUR | Deliver sustainable returns to our |
Unitholders through portfolio expansion | |
MISSION | |
and prudent capital management. | |
Our corporate website contains | You can sign up for email alerts of our latest | |||
Why Go | detailed information about the | news and keep track of the latest events on | ||
Online? | Trust and is frequently updated as | the Event Calendar page. | ||
additional details become available. | Our corporate website: www.clint.com.sg | |||
Notes:
• All information in this annual report is dated as at 31 December 2023 unless otherwise stated.
• All measurements of floor area are defined herein as "Super Built-up Area" or "SBA", which is the sum of the floor area enclosed within the walls, the area occupied by the walls, the common areas such as the lobbies, lift shafts, toilets, and staircases of that property, and in respect of which rent is payable.
• The Indian Rupee and Singapore Dollar are defined herein as "INR/ " and "SGD/ S$" respectively.
• Any discrepancy between the individual amounts and total shown in this annual report is due to rounding.
ANNUAL REPORT 2023 3
Overview
Leadership
Strategy
Performance
Portfolio
ESG Framework
Financials
Other Information
AT A GLANCE
5 17
TOP TIER | DIVERSIFIED |
CITIES | WORLD CLASS |
ASSETS |
Mumbai
Pune
Hyderabad
Chennai
Bangalore
S$3.0
billion
ASSETS UNDER
MANAGEMENT
19.6
million sq ft
COMPLETED
FLOOR AREA
PORTFOLIO DIVERSIFICATION
(INCLUDING COMPLETED AND UNDERDEVELOPMENT
PROPERTIES)
By Valuation | By Total Floor Area | |||||
n IT Parks | 86% | n IT Parks | 85% |
n Industrial/Logistics Facilities | 8% | n Industrial/Logistics Facilities | 10% |
n Data Centres | 6% | n Data Centres | 5% |
4 CAPITALAND INDIA TRUST
9 4 4
IT PARKS | INDUSTRIAL | DATA CENTRE |
AND LOGISTICS | DEVELOPMENTS | |
FACILITIES |
Overview
Leadership
Strategy
Performance
Bangalore
n International Tech Park Bangalore (ITPB)
n CapitaLand Data Centre ITPB
Chennai
n International Tech Park Chennai (ITPC)
n CyberVale
n Industrial Facility 1, Mahindra World City (IF1, MWC)
n Industrial Facility 2 and 3, Mahindra World City (IF2 and IF3, MWC)1
n CapitaLand Data Centre Chennai
Hyderabad
n International Tech Park Hyderabad (ITPH)
n CyberPearl
n aVance Hyderabad
n CapitaLand Data Centre ITPH
Portfolio
ESG Framework
Financials
Mumbai
n Arshiya Panvel warehouses n Building Q1, Aurum Q Parc n CapitaLand Data Centre Navi
Mumbai 1
For more details on our portfolio, go to pages 52 to 57.
Note: Figures in above charts are as at 31 December 2023.
1 Acquired in December 2023.
2 Acquired in May 2023.
ANNUAL REPORT 2023 5
Other Information
SIGNIFICANT
EVENTS
JANUARY
- Announced the proposed acquisition of 1.0 million sq ft IT Park at Outer Ring Road, Bangalore.
-
Completed the redevelopment of 1.4
million sq ft Block A at International1stQuarter Tech Park Hyderabad (ITPH).
APRIL | JUNE | ||
• | CapitaLand India Trust's (CLINT) | • Retirement of Mr Jonathan Yap | |
Annual General Meeting and | Neng Tong as a Non-Executive Non- | ||
Extraordinary General Meeting were | Independent Director and a member | ||
held in a wholly physical format, and | of the Investment Committee of the | ||
all resolutions were approved by | Trustee-Manager, with effect from | ||
2nd Quarter | Unitholders. | 1 June 2023. | |
1 May 2023. | • Appointment of Mr Goh Soon Keat | ||
MAY | |||
• Completed the acquisition of 2.3 | Kevin as a Non-Executive Non- | ||
Independent Director and a member | |||
million sq ft International Tech Park | of the Investment Committee of the | ||
Pune - Hinjawadi (ITPP-H) which was | Trustee-Manager, with effect from | ||
fully leased to prominent technology | 1 June 2023. | ||
companies. | |||
• Appointment of Mr Vishnu Shahaney | |||
as a Non-Executive Independent | |||
Director and a member of the Audit | |||
and Risk Committee (ARC) of the | |||
Trustee-Manager, with effect from |
JULY | SEPTEMBER | |
• Successfully raised gross proceeds | • Clinched the Bronze Award for Best | |
Trust category. | 3rd Quarter | |
of approximately S$150.1 million via | Annual Report at Singapore Corporate | |
Preferential Offering. | Awards (SCA) 2023. | |
• Entered into a S$60 million | • Retirement of Mr Alan Rupert Nisbet | |
sustainability-linked term loan facility | as a Non-Executive Independent | |
agreement with DBS Bank Ltd. | Director, Lead Independent | |
AUGUST | Director, Chairman of the ARC and | |
a member of the Nominating and | ||
• Ranked 4th out of 43 (up from 6th in | Remuneration Committee (NRC) of | |
the Trustee-Manager, with effect from | ||
2022) in Singapore Governance and | 30 September 2023. | |
Transparency Index 2023 for Real | ||
Estate Investment Trust and Business |
6 CAPITALAND INDIA TRUST
OCTOBER | NOVEMBER |
• Appointment of Ms Tan Soon Neo | • Launched two flexible workspace |
Jessica as Lead Independent Director | centres in International Tech Park |
and Mrs Deborah Ong as Chairman of | Chennai (ITPC) and ITPH under the |
the ARC and a member of the NRC of | brand Bridge+. |
the Trustee-Manager, with effect from | |
1 October 2023. | |
• Achieved a 4 Star rating in Global | |
Real Estate Sustainability Benchmark | |
(GRESB) for both Standing | |
Investments and Development in | |
its first-year participation. CLINT | |
also maintained a Grade A rating for | |
GRESB Public Disclosure Report. | |
• Announced the development of | |
0.2 million square feet Free Trade | |
Warehousing Zone on the vacant land | • Won the "Highest Weighted Return |
within CyberVale, Chennai. | on Equity Over Three Years" award |
in the Real Estate Investment Trusts | |
category at The Edge Singapore | |
Billion Dollar Club Awards 2023. |
• CLINT, through CapitaLand Hope | |||
Foundation, hosted a three-day | |||
annual International Volunteer | |||
Expedition (IVE) 2023 at CapitaLand | • | Secured a five-year construction loan | |
Hope School in Bangalore with over | of approximately S$214 million from | ||
70 CapitaLand Group's employee | J.P. Morgan India to finance Phase | ||
volunteers from six countries | 1 development of CapitaLand Data | ||
participating. | Centre Navi Mumbai 1. | ||
• | Entered into a S$100 million | ||
sustainability-linked term loan facility | |||
agreement with The Bank of East Asia, | |||
Limited, Singapore Branch. | |||
DECEMBER | |||
• Completed the acquisition of 0.3 | |||
million sq ft Industrial Facility 2 & | |||
3 at Mahindra World City, Chennai | |||
(Casa Grande - Phase 2), which are | |||
fully leased to a leading international | |||
electronics contract manufacturer | |||
and a global energy solutions | |||
provider respectively. | 4th Quarter |
Overview
Leadership
Strategy
Performance
Portfolio
ESG Framework
Financials
ANNUAL REPORT 2023 7
Other Information
CHAIRMAN'S
MESSAGE
MANOHAR KHIATANI
Chairman
Non-Executive
Non-Independent Director
THROUGHOUT THE YEAR, WE ACHIEVED SIGNIFICANT MILESTONES
IN EXPANDING OUR PORTFOLIO. OUR ASSETS UNDER MANAGEMENT
GREW BY APPROXIMATELY 20% DURING THE YEAR.
8 CAPITALAND INDIA TRUST
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Disclaimer
CapitaLand India Trust published this content on 25 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2024 22:48:01 UTC.