CapitaLand India Trust Targets 49% Portfolio Growth by 2030

CapitaLand India Trust (CLINT), Singapore’s listed business trust with a pure-play India commercial real estate mandate, has outlined a growth roadmap targeting a 49% expansion in total floor area by 2030 which will envisage a total asset base of over 32.3 million square feet by 2030, from the current 21.7 million square feet.

The company said it plans to scale this through a multi-pronged strategy of forward purchases, IT park developments, and data centre assets spanning India’s five largest commercial cities.

The company, which is part of the Singapore-headquartered CapitaLand Investment, has a portfolio which is valued at $3.8 billion and a market capitalisation of $1.5 billion.

CapitaLand Investment is one of Asia’s largest real asset managers with S$125 billion in funds under management across more than 270 cities in 45 countries, and a market capitalisation of approximately S$15 billion on the Singapore Exchange. CapitaLand sponsors five Singapore-listed REITs and business trusts with a combined market capitalisation of S$37 billion — representing 37% of Singapore’s total REIT market capitalisation.

Spread across Bengaluru, Chennai, Hyderabad, Pune, and Mumbai, CapitaLand India Trust holds 8 IT parks, 4 industrial and logistics facilities, and 4 data centre developments.

CapitaLand India added that the 2030 growth pipeline will see it add a further 10.6 million square feet through three committed vectors.

Over the next four years it will add 7.3 million square feet in forward purchases currently under development, 1.4 million square feet in data centre developments and 1.9 million square feet in new IT building developments. Together, this brings the total committed portfolio to 32.3 million square feet — a 49% increase from the current base, expected to be substantially in place by 2030.

The company, which is one among the 8-such publicly listed REITS sponsored by CapitaLand Investment, added that this growth over the next few years is backed by a track-record over the past ten years which saw it deliver 11% CAGR in portfolio floor area, growing from 8.3 million square feet to 21.7 million square feet, with total floor area expanding by 147% over the period.

The company leverages the forward purchase model to the hilt and is depending to as much as close to 33% of growth on this model.

CapitaLand India Trust, under this strategy, extends construction finance to developers from the beginning, which earns interest income of anywhere between 11% to 14% per annum during the construction and leasing phase. The company then acquires the fully leased asset at a pre-agreed price, and starts to earn a stabilised rental yield of between 9% to 10%.

The company added that this model carries structural protections: security cover to mitigate default risk, contractual time limits for completion and leasing, and vacancy deductions applied at the point of acquisition.

Betting S$1.0 billion on Data Centres in India

In addition to its established business of tech parks and industrial platform, CapitaLand India said it is executing a S$1.0 billion data centre development programme across three sites — Navi Mumbai, Hyderabad, and Chennai — with a combined gross power capacity of 200 megawatts and total built-up area exceeding 1.9 million square feet. The company works on a contractual agreement model in which tenants utilise space for their servers and equipment while CapitaLand manages the facilities.

Given its inherent business model of recycling capital, the company earlier during February 2026, effected a strategic capital recycling transaction, divesting a 20.2% interest in the three data centre assets under development to a joint venture partner at an enterprise value of S$738 million — a 13.7% premium to independent valuation.

The transaction delivered a 2.7x multiple on invested capital in INR terms, while it retained majority ownership and secured participation rights in its sponsor CapitaLand Investment’s future data centre investments in India for up to 33%.

Betting on the growth of India’s commercial real estate

In the APAC REIT landscape, India ranks fourth by total REIT market value at S$28 billion — behind Japan at S$127 billion and Singapore at S$100 billion — but ahead of Hong Kong, Malaysia, and South Korea, reflecting the rapid institutionalisation of India’s listed real asset infrastructure.

CapitaLand India’s tenant base is anchored by Global Capability Centres, which account for approximately 50% of its rental income. Its top ten tenants — including Tata Consultancy Services, Applied Materials, Infosys, UnitedHealth Group, Amazon, Societe Generale and Deloitte — together contribute 39% of portfolio base rent, with US-headquartered occupiers accounting for 49% of total rental income.

The company further noted that it plans to increase onshore INR debt to 40–50% of total borrowings over the next three to four years, reducing FX translation risk and building a natural hedge as the trust’s India income base continues to expand.