The board of directors of Boustead Singapore has announced that the name of its proposed REIT is UI Boustead REIT, which will principally invest directly or indirectly in logistics, industrial, high-specifications industrial and business space assets.
UI REIT’s investment strategy includes investments in Asia Pacific with an initial focus on Singapore and Japan.
UI Boustead REIT’s initial portfolio is expected to comprise 23 properties – with 21 leasehold properties located in Singapore and two freehold properties located in Japan. The IPO properties have a total gross floor area (GFA) of approximately 5.9 million square feet (sq ft) and a net lettable area of approximately 5.3 million sq ft.
The total agreed property value of the IPO Portfolio is estimated to be approximately $1.9 billion, subject to finalisation of the valuations.
69.6% of the IPO portfolio is represented by the 21 Singapore properties, and the two Japan properties comprise approximately 30.4% of the IPO portfolio.
UI Boustead REIT will also acquire the remaining interest in the four divestment properties through entering into the following sale and purchase agreements: a put and call option agreement relating to the asset transfer of 29 Media Circle from BP-Alice LLP; a share purchase agreement relating to the sale and purchase of 100.0% of the issued share capital in BP-BBD2; a put and call option agreement relating to the asset transfer of 84 Boon Keng Road between BP-CA3 LLP (as vendor) and BP-Real Estate Investments and a put and call option agreement relating to the asset transfer of 11 Seletar Aerospace Link between BP-SF Turbo LLP (as vendor) and BPREI.
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There are other potential acquisitions by UI Boustead REIT in connection with its IPO, including the acquisition of interests in the Singapore properties at 98 Tuas Bay Drive and 6 Tampines Industrial Avenue 5.
The REIT is also looking at the potential acquisition of 100% interests in two general industrial Singapore properties; the potential acquisition of 100% interests in a portfolio of 12 Singapore properties; potential acquisition of interest in a business space Singapore property; and potential acquisition of interests in Japan properties.
Boustead is expected to receive about $62.1 million for its interest connected with the proposed divestments, and the company intends to use the net proceeds of $57.8 million for potential acquisition, working capital and other capital allocation decision and reinvestment.
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Separately, Metro Holdings announced on Sept 18 that it has not made any decision with respect to the proposed transactions referred to by Boustead Singapore.
Metro Holdings through its indirect wholly-owned subsidiary, Metrobit Construction, currently holds 26% of the units and 7% of notes due 2031 issued by Perpetual Asia in its capacity as trustee of Boustead Industrial Fund.
Shares in Boustead Singapore closed flat at $1.76 on Sept 18.
