CapitaLand India Trust raises Rs 1,300 crore onshore loan from JP Morgan India
Summary
Securing this onshore loan in India would diversify our funding sources and help us to optimise our funding costs.CapitaLand has already started the construction of the data centre, scheduled for completion by mid-2025. The data centre will have a power capacity of 108 MW to service global technology giants, cloud service providers and large domestic enterprise clients.Besides its data centre in Navi Mumbai, CLINT currently has three other data centres under development in India.Wai Mei Hong, Senior Country Officer and Head of Corporate Banking for J.P. Morgan Singapore said: The financing of CLINTs data centre in Navi Mumbai reinforces our commitment to support the long-term growth strategies of our clients. CLINTs project also helps to pivot the transformation of the digital economy in India. Its principal objective is to own income-producing real estate used primarily as business space in India. CLINT may also develop and acquire land or uncompleted developments primarily to be used as business space to hold the properties upon completion.As of 30 September 2023, CLINTs assets under management stand at S$2.7 billion.In the last five years, $14 billion has been invested in Indias data centre sector, and the amount is expected to cross $20 billion by 2025, according to commercial real estate consultancy CBRE.Demand for data centres in India is rising due to improved technology infrastructure and the increasing adoption of new technologies like 5G, artificial intelligence, cloud and Internet of Things.