CLI entered India 30 years ago with the development of its first IT park called the International Tech Park Bangalore (ITPB) via Ascendas. Its footprint has since expanded to 14 business and IT parks, offering 23.5 million square feet of space strategically located across Bengaluru, Chennai, Hyderabad, Pune, Mumbai and Gurgaon, with more than 250,000 professionals working from these parks. 

Expanding business parks

Going ahead, CLI will adopt multi-pronged strategies to expand its business parks portfolio. With a current land bank of over 16 million sq ft, CLI will accelerate development activities to address the increasing demand for premium office spaces across key metropolitan cities. CLINT, the largest India-focussed property trust listed in Singapore, will continue to develop and execute forward purchase acquisitions, securing prime assets to ensure a robust pipeline for sustained growth. 

CLI will continue to raise third-party capital through new private funds aimed at greenfield developments and value-added strategies, offering strategic investors opportunities to participate in India’s dynamic real estate market. CLI will also seek joint development and joint venture opportunities with capital partners, along with commercial management partnerships, to expand in India. To maximise value creation, CLI is also focusing on redevelopment and intensification strategies within its existing business parks. 

CLI entered the logistics and industrial segment in India in 2016, and since then, the portfolio has grown to 9.1 million sq ft. CLI will continue to expand its logistics and industrial portfolio by seeding new private funds for logistics and through CLINT. AFS, one of India’s leading logistics and industrial players, will be a key driver for CLI to grow in these sectors. With a primary focus on Tier I markets, CLI aims to cater to the rising demand for high-quality logistics and industrial infrastructure.

AFS will enhance its footprint through joint development agreements and joint venture partnerships, leveraging collaborative efforts to scale its operations efficiently. CLI will also seek acquisition opportunities to accelerate growth. CLI has 12 logistics and industrial assets in India under AFS, and three industrial assets and one logistics park under CLINT.

Given the explosive demand for data and need for high quality assets, CLI entered the data centre market in India in 2021. CLI’s data centre strategy is anchored on a multi-city approach to cater to the needs of enterprise and hyper-scale clients. Through CLINT, CLI is developing four state-of-the-art, sustainable data centres across key cities in Mumbai, Chennai, Hyderabad and Bengaluru, with a total gross power capacity of 244 megawatts. 

CLI, with a portfolio of 27 data centres globally, has vertically-integrated data centre capabilities, from investment, design and development to leasing and operations.  Its experienced data centre team provides comprehensive technical expertise and customer solutions across the value chain. CLI’s first data centres in India, located in Navi Mumbai and Hyderabad, are slated to begin operations in 2025.

CLI’s lodging business under Ascott will continue to build on its recurring fee income by expanding through management contracts and franchise contracts. Within India, Ascott will strengthen its presence in Metro cities, Tier II markets and leisure destinations.  It will seek opportunities to bring new offerings to the country under its suite of award-winning brands. Ascott operates seven properties across six cities.  In 2024, Ascott opened two properties in Goa and Gurugram, with eight more expected to open in the next three to four years.

Going forward, CLI will explore opportunities to enter adjacent business segments such as renewable energy and real estate private credit. Renewable energy is a fast-growing segment in India with the government targeting to achieve 500 gigawatts (GW) by 2030 from the current 111 GW. CLI has a captive demand for renewable energy from its tenants across its data centres and business parks. 

CLINT commissioned its first captive solar power plant in Tamil Nadu in January 2024, reducing its need to purchase brown power and increasing its green energy usage to 70 per cent. As a result of this, CLINT is able to provide green energy to tenants at competitive rates, while reducing carbon emissions. 

Real estate private credit is gaining institutional investor interest. The debt market in Indian real estate has a potential $170 billion financing opportunity between 2024 and 2026, driven by the increasing demand for residential construction finance. This presents a promising opportunity for CLI to further diversify its portfolio in India.