The SGX-listed Boustead Singapore has unveiled its plan to float a trust, UI Boustead REIT, which will be seeded with an initial portfolio of logistics and industrial properties, valued at around S$1.9bn (€1.2bn).
The portfolio will consist of 23 assets, with 21 in Singapore and two in Japan. Some of the properties will be bought indirectly by acquiring other entities that own these properties while the rest will be bought directly from the group’s companies.
Boustead Singapore, a leading construction, technology and engineering group, said its associated company, UIB Holdings, would sponsor the REIT and had applied to the Singapore authorities for approval to launch the IPO. Boustead Singapore holds a 20% interest in UIB through a subsidiary, Boustead Projects.
In March this year, Boustead Singapore partnered Macquarie Asset Management Io establish UIB, a US$3.5bn pan-Asian logistics real estate development, investment and fund management platform. The entities involved in the partnership are Unified Industrial and Boustead Projects. UIB has been created to manage assets across Japan, China, Singapore and Vietnam.
As part of the proposed listing, Boustead Singapore entered into agreements to divest its interests in four Singapore properties to UI Boustead Reit. In a filing with the Singapore Stock Exchange, Boustead Singapore said the vehicle would invest across the Asia Pacific region, with an initial focus would be on Singapore and Japan.
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