CapitaLand secures second hyperscaler deal in Navi Mumbai

CapitaLand India Trust has signed a second long-term agreement with a global hyperscaler for Tower 2 of its CapitaLand DC Navi Mumbai project in Airoli, Navi Mumbai.

The trust said the deal takes its pre-leasing progress to 53% of total gross power capacity across three data centres under development in Navi Mumbai, Hyderabad and Chennai. The projects sit within a broader push by developers and investors to expand data centre supply in India alongside growth in cloud adoption and digital services.

CapitaLand India Trust did not name the hyperscaler and did not disclose commercial terms of the lease.

Gauri Shankar Nagabhushanam, Chief Executive Officer of CapitaLand India Trust Management, commented on the agreement and the trust's position in the sector.

"This agreement underscores CLINT's ability to deliver world-class solutions within the critical infrastructure sector, establishing our data centres as the preferred choice for global hyperscalers. Successfully pre-leasing a substantial portion of our data centres under development reinforces CLINT's position as a key player in India's rapidly expanding digital solutions market. It also reflects the confidence leading global technology companies have in CapitaLand's vertically-integrated data centre and real estate expertise, from design, development through to operation," said Gauri Shankar Nagabhushanam, Chief Executive Officer, CapitaLand India Trust Management.

Mumbai build

Tower 2 forms part of the CapitaLand DC Navi Mumbai development. CapitaLand India Trust described Tower 2 as a hyper dense facility. It has a planned IT load of 37 megawatts and gross power capacity of 55 megawatts.

The trust said Tower 2 includes a large single-tower implementation of liquid cooling in the region. It also cited design power usage effectiveness for a single data centre tower. CapitaLand India Trust did not provide a specific power usage effectiveness figure.

CapitaLand India Trust expects to complete Tower 2 by the fourth quarter of 2026. It said it will hand over the facility to the tenant progressively in the first half of 2027.

Pre-leasing levels have become a focus for data centre projects under construction, particularly for capacity linked to large power requirements. Developers often seek early commitments from cloud and technology tenants to secure financing terms and manage build-out risk. CapitaLand India Trust positioned the second hyperscaler agreement as evidence of leasing progress for its development pipeline.

Portfolio changes

The trust has also been reshaping its data centre exposure through divestments to a related investment vehicle. In December 2025, CapitaLand India Trust announced the divestment of 20.2% stakes in three data centres under development to CapitaLand India Data Centre Fund. It described the move as part of a portfolio reconstitution and value-unlocking strategy.

The December announcement followed an earlier transaction in September 2025. CapitaLand India Trust said it completed its maiden divestment of CyberVale in Chennai and CyberPearl in Hyderabad at that time.

The trust said it plans to redeploy proceeds from the divestments. It cited repayment of higher-interest debt and reinvestment in other income-yielding opportunities.

Nagabhushanam said the strategy centres on recycling capital and retaining exposure to the sector through a majority interest.

"CLINT's disciplined portfolio reconstitution strategy allows us to strengthen portfolio quality and recycle capital towards higher yielding investment opportunities. Upon completion of the proposed divestment, expected by end-February 2026, CLINT will continue to be invested in India's data centre sector through our 79.8% interest in the data centre portfolio. The joint venture with CIDCF will also provide CLINT with participation rights of up to 33.0% in future data centre opportunities in India by the Sponsor, CapitaLand Investment or CIDCF, offering strategic flexibility and optionality for further expansion in future. We remain committed to deliver long-term risk-adjusted returns to our unitholders," said Nagabhushanam.

Next steps

CapitaLand India Trust said it expects completion of the proposed divestment to CapitaLand India Data Centre Fund by end-February 2026, while it continues development work on Tower 2 ahead of completion in the fourth quarter of 2026 and phased handover in the first half of 2027.