Boustead Singapore Limited has announced plans to divest its stakes in certain logistics and industrial assets as part of a strategic move to list the UI Boustead Real Estate Investment Trust (REIT) on the Singapore Exchange Securities Trading Limited (SGX-ST). The proposed REIT, focusing on logistics, industrial, and high-specifications assets, will initially target investments in Singapore and Japan.
The initial portfolio for the UI Boustead REIT is expected to include 23 properties, comprising 21 leasehold properties in Singapore and two freehold properties in Japan. These properties have a combined gross floor area of approximately 5.9 million square feet and an estimated value of S$1.9b. Boustead Singapore, through its subsidiary Boustead Projects Limited, will hold up to 16.9% of the REIT units upon listing.
The divestment includes Boustead’s interests in four Singapore properties, namely 29 Media Circle, 8 & 12 Seletar Aerospace Heights, 84 Boon Keng Road, and 11 Seletar Aerospace Link. UI Boustead REIT will acquire 100% interests in these properties, contingent on agreements with other investors.
The listing is subject to market conditions, regulatory approvals, and the completion of definitive agreements. Boustead Singapore has cautioned that there is no certainty the IPO and listing will proceed imminently. The REIT aims to leverage Boustead’s extensive real estate management capabilities across Asia, where it currently manages assets worth approximately $3.9b.
