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Boustead Singapore has secured approval to list UI Boustead REIT on the Singapore Exchange, planning to divest 15 properties, including major industrial sites and notable headquarters like Razer SEA and Rolls-Royce Solutions Asia. The sale is expected to bring in SGD 218.7 million (USD 172.78 million), with an additional SGD 40 million from bonds. The REIT will hold 23 properties valued at SGD 1.90 billion. Boustead will reinvest part of the proceeds to take a 16.9% stake, with the remaining funds for costs. The IPO premarketing has begun.
Boustead Singapore has received approval from the Singapore Exchange to list UI Boustead REIT on its main board. As part of the listing process, the company will divest its interests in 15 properties, including 12 industrial sites and three other Singapore properties, notably the Razer SEA headquarters and the Rolls-Royce Solutions Asia facility. Advertisement
The firm is expected to earn around SGD 218.7 million (USD 172.78 million) from its stakes in these properties, along with an additional SGD 40 million from bonds issued to the REIT. The newly listed REIT will primarily focus on logistics and industrial assets, mostly in Singapore.
These properties will contribute to UI Boustead REIT's 23-property portfolio, which includes 21 leasehold assets in Singapore and two in Japan, with a total valuation of approximately SGD 1.90 billion. Boustead plans to reinvest about SGD 202.8 million to acquire roughly a 16.9% stake in the REIT, while the remaining proceeds will cover transaction costs and working capital. The transaction is projected to generate a gain of close to SGD 154.6 million.
Reports indicate that Boustead had already begun premarketing the REIT's initial public offering. Investor education sessions were initiated, while details such as the offer size and lock-up period are still being finalised. This step marks a significant move by Boustead to unlock value from its property assets and enhance shareholder returns through a listed REIT structure.
Source Reuters
5th Jun, 2025
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