UI Boustead REIT is looking to raise $1.2 billion via an upcoming initial public offering (IPO), according to a prospectus it lodged with the Monetary Authority of Singapore on Feb 26.
The REIT is a spin-off from engineering and technology group Boustead Singapore and is sponsored by UIB Holdings. Boustead Singapore holds a 20% interest in UIB Holdings.
As part of the IPO, 677,175,200 units will be offered under the placement tranche and Singapore public offer at an offer price of 88 cents each. In addition, the REIT’s unit lenders, UIB Singapore Investments 1 and BP-Real Estate Investments, have entered into subscription agreements for 28,683,299 units and 230,832,500 units at the offer price respectively.
Separately, the REIT’s cornerstone investors will be subscribing for an aggregate of 429,181,800 units at the offer price as well. The REIT’s cornerstone investors include AAH Investment, Alliance Asia Duty Free, Amova Asset Management Asia, Amundi Malaysia, Amundi Singapore, CGS International Securities Singapore, DBS Bank, JP Morgan Asset Management (Singapore), Maybank Asset Management, Maybank Securities, Maybank Singapore, Prusik Investment Management, United Overseas Bank (UOB), UOB Kay Hian, Jumbo Group, Lian Beng Group chair Ong Pang Aik and Boustead Singapore chairman and group CEO Wong Fong Fui.
Specifically, CGS International Securities Singapore, DBS Bank, Maybank Securities, UOB and UOB Kay Hian are acting on behalf of their wealth management and high-net-worth clients.
UI Boustead REIT’s IPO portfolio is made up of 23 properties. Out of the 23 properties, 21 are leasehold properties in Singapore and two are freehold properties in Japan. The properties have a total gross floor area of approximately 5.9 million sq ft with 5.3 million sq ft of net lettable area.
See also: SpaceX’s mega IPO redraws 2026 road map for listing hopefuls
As at Sept 30, 2025, the IPO portfolio’s agreed property value is $1,904.2 million and its committed occupancy rate is 89.4%. The total transaction price payable by the REIT is approximately $1,122.1 million.
Notably properties in the portfolio include business spaces such as GSK Asia House and Razer’s Southeast Asia headquarters, industrial properties such as Edward Boustead Centre and general industrial properties such as Rolls-Royce Solutions Asia.
On Feb 20, Boustead Singapore said in its answers to questions filed ahead of its extraordinary general meeting on Feb 25 that most of the divestment proceeds from its real estate assets will be reinvested to subscribe for units in UI Boustead REIT.
See also: Carlsberg said to begin US$700 mil IPO process to list India unit — Bloomberg
Boustead Singapore says it has decided to subscribe for the REIT’s units as the initial DPU yield of the units is expected to be attractive and the investment in the units may produce further upside for the company’s shareholders.
"The divestment is not a one-time cash-out exercise for the company,” says Boustead Singapore. “Rather, the REIT will continue to be a strategically important vehicle for the company in terms of potential co-investments or potential acquisition of the company’s industrial investments.”
“With the remainder of the proceeds, the board will consider a payment of a special dividend, although the quantum has not been decided at this point in time.”
The successful listing of UI Boustead REIT would make it Singapore’s largest REIT listing since NTT DC REIT’s US$773 million ($976 million) debut in July 2025.
