CapitaLand India Trust secures S$200 million sustainability-linked loan from International Finance Corporation


CapitaLand India Trust (CLINT) has secured a sustainability-linked loan (SLL) of S$200 million from the International Finance Corporation (IFC), a member of the World Bank Group and the largest development institution focused on the private sector in emerging markets, the company said in a statement.

CapitaLand India Trust (CLINT) has secured a sustainability-linked loan (SLL) of S$200 million from the International Finance Corporation (IFC)(Pixabay)

Also Read: CapitaLand India Trust acquires IT-SEZ project in Pune for 773 crore

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CapitaLand India Trust (CLINT), formerly known as Ascendas India Trust, was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in August 2007 as the first Indian property trust in Asia. Its principal objective is to own income-producing real estate used primarily as business space in India.

The loan increases CLINT’s sustainable finance to S$1.16 billion, which is 79%1 of its total loans. The SLL will be used to re-finance CLINT’s existing revolving credit facilities (RCFs). It will unlock additional availability of the RCFs, reduce CLINT’s finance cost and further diversify its funding sources.

CLINT has selected two key performance indicators (KPIs) for this SLL. KPI 1 is to reduce the absolute greenhouse gas (GHG) emissions of its IT business park portfolio as at 31 December 2023 by 40.5% from the baseline year of 2019 during the 5-year loan term.

Also Read: IT SEZs now allowed to lease space in major real estate reform

KPI 2 is to obtain Excellence in Design for Greater Efficiencies (EDGE) certification for three selected IT business parks ‒ International Tech Park Chennai, CyberVale, and aVance Pune, by 2026, the company said.

“Tying our sustainability performance with our financing demonstrates CLINT’s commitment to responsible growth, as we work towards achieving Net Zero carbon emissions for Scope 1 and 2 by 2050,” Sanjeev Dasgupta, Chief Executive Officer of CapitaLand India Trust Management Pte. Ltd. (the Trustee-Manager of CLINT), said.

CLINT may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion. As of March 31, 2024, CLINT’s assets under management stood at S$3.1 billion.

Also Read: New Special Economic Zone rules have the potential to unlock around 15 to 18 mn sq ft of operational SEZ space

CLINT’s portfolio includes 10 world-class IT business parks, three industrial facilities, one logistics park and four data center developments in India, with a total completed floor area of 21.0 million square feet spread across Bengaluru, Chennai, Hyderabad, Pune, and Mumbai.

 

 



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