CapitaLand India Trust (CY6U) presented its performance update at Goldman Sachs REITAS S-REIT Day on Nov, 04 2025, highlighting a solid nine-month showing and key portfolio milestones.
For the nine months ended Sep, 30 2025, total property income rose 10 % year on year to 225.2 million Singapore dollars, while net property income (NPI) also increased 10 % to 172.1 million Singapore dollars. Third-quarter property income reached 76.0 million Singapore dollars, up 10 % from a year earlier, with NPI for the quarter gaining 10 % to 58.6 million Singapore dollars.
Portfolio metrics remained stable, with committed occupancy (excluding logistics parks, CyberVale, CyberPearl and data centres) at 89 % as at Sep, 30 2025 and 91 % as at Oct, 31 2025. Rental reversion for the 12-month period to Sep, 30 2025 averaged +15 %.
Capital indicators improved after the INR10.8 billion (158.8 million Singapore dollars) divestment of CyberPearl and CyberVale in Sep, 2025, executed at a 3 % premium to valuation. The transaction helped lower the gearing ratio to 40.9 % from 42.3 % three months earlier. Average cost of debt was 5.8 %, with 77.2 % of borrowings on fixed rates and effective borrowings of 1.76 billion Singapore dollars.
On the development front, the trust commissioned its maiden data centre, Navi Mumbai Data Centre Tower 1, in 3Q 2025. The 50 MW facility, offering 33.7 MW of IT load across 962,000 sq ft of built-up area, is fully leased to a global hyperscaler under a long-term agreement. Tower 2 (55 MW) is under construction and in advanced lease negotiations with the same client.
CapitaLand India Trust’s committed portfolio now stands at 31.3 million sq ft for completion by 2028, representing a 44 % increase on its current 21.7 million sq ft. The pipeline includes 7.3 million sq ft of forward-purchase assets, three data centre developments totalling 150 MW and 4.6 million sq ft of on-campus development potential.
The trust maintains a sustainability-linked funding profile, with 62 % of borrowings in such facilities and a growing base of onshore rupee debt to provide natural hedging for its Indian-sourced income.