[GAGA REALTY] [JOINT VENTURE] [GAGA HOMES]
Singapore-based global institutional investor CapitaLand Investment is looking to raise over $200-250 million through a fund to invest in India’s burgeoning data centers sector and the fund is expected to be concluded in the next few months, said a top executive.This fund is part of CapitaLand Investment’s plan to more than double its funds under management (FUM) in its core market India by 2028, up from S $7.4 billion as of June end. The proposed investments in India will contribute to the Asian capital manager’s global target of achieving S$200 billion in funds under management over the next four years.“India is a strategic market for us and a key contributor to our overall business. India has been one of our fastest growing markets, where our investments have tripled in the last seven years. With India’s GDP forecasted to grow 7% in 2024 and its trajectory to be the world’s third-largest economy in the next five years, the country is attracting demand from global corporations and institutional investors for quality real assets,” said Lee Chee Koon, Group CEO, CapitaLand Investment.Given the rising demand for data and need for high quality assets, CapitaLand entered the data centre market in India in 2021. Through CapitaLand India Trust (CLINT), India-focused property trust listed in Singapore, it is already developing four data centres across Mumbai, Chennai, Hyderabad, and Bangalore, with a total gross power capacity of 244 megawatts.CapitaLand, with a portfolio of 27 data centres globally, has vertically-integrated data centre capabilities, from investment, design and development to leasing and operations. Its first data centres in India, located in Navi Mumbai and Hyderabad, are slated to begin operations in 2025.The Asian capital manager is looking to diversify its investment footprint in India by foraying into real estate private credit and renewable energy. This strategic move aims to leverage emerging opportunities within these sectors, aligning with both global trends and local market dynamics.“India presents tremendous potential for us. We will drive growth through our listed CapitaLand India Trust (CLINT) and our private funds. We have established four private funds across logistics and business parks, and we see opportunities for data centre funds in India riding on the country’s fast-growing digital economy,” said Sanjeev Dasgupta, CEO CapitaLand Investment India.CapitaLand Investment has a total14 business and IT parks with 23.5 million sq ft of space across Bengaluru, Chennai, Hyderabad, Pune, Mumbai, and Gurgaon. It is planning to adopt multi-pronged strategies to expand its business parks portfolio. With a current land bank of over 16 million sq ft, it is looking to accelerate development activities to address the increasing demand for premium office spaces across key metropolitan cities.
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