CapitaLand India Trust (CLINT) has successfully obtained a five-year construction loan of ₹1,300 crore from JP Morgan India to fund the Phase-1 development of its upcoming data centre in Navi Mumbai.
“Securing this onshore loan in India would diversify our funding sources and help us to optimise our funding costs,” stated Sanjeev Dasgupta, Chief Executive of CapitaLand India Trust Pte Ltd.
The construction of the data centre, already initiated by CapitaLand, is on track for completion by mid-2025. Once finished, the facility will boast a robust power capacity of 108 MW.
In addition to the Navi Mumbai project, CLINT has three more data centres currently in development in India.
Formerly known as Ascendas India Trust, CLINT made history by being listed on the Singapore Exchange Securities Trading in August 2007 as the first Indian property trust in Asia. The trust’s primary objective is to own income-generating real estate, primarily used as business space in India. CLINT also holds the possibility to develop and acquire land or uncompleted developments. As of September 30, the trust managed assets worth S$2.7 billion.
The move to secure a substantial construction loan aligns with the broader trend in India’s data centre sector. Over the last five years, a remarkable $14 billion has been invested in the sector, with expectations of surpassing $20 billion by 2025, according to commercial real estate consultancy CBRE. The surge in demand for data centres in India is attributed to advancements in technology infrastructure and the widespread adoption of cutting-edge technologies like 5G, artificial intelligence, cloud computing, and the Internet of Things.
