Boustead gets SGX nod for $1.9b UI Boustead REIT

The initial portfolio will comprise 23 properties.

Boustead Singapore Limited has received an eligibility-to-list letter from the Singapore Exchange Securities Trading Limited for the proposed listing of UI Boustead REIT, according to a bourse filing dated 10 February.

The REIT’s initial portfolio will comprise 23 properties with an agreed property value of approximately $1.9b on a 100% basis. The total transaction amount payable by the REIT is estimated at $1.12b.

Following the receipt, the group has also entered into agreements to divest its remaining interests in Singapore logistics and industrial assets that will seed the REIT’s initial portfolio.

The divestments cover 15 Singapore properties and complete the asset transfers previously announced in September 2025. The proposed IPO remains subject to further approvals, including tax rulings and market conditions.

Boustead expects total proceeds of $258.7m, and intends to use around $202.8m to subscribe for a 16.9% stake in UI Boustead REIT.

Separately, Metro Holdings Limited disclosed that its subsidiary has divested a 26% stake in Boustead Industrial Fund, whose 15 Singapore industrial and logistics properties are also being transferred to UI Boustead REIT.

The group said the assets have an agreed property value of about $765.7m, and it expects net proceeds of about $116.0m upon completion.

Metro’s wholly-owned subsidiary, Metrobilt Construction Pte Ltd, currently holds 26% of the units of the Boustead Industrial Fund and the 7% notes issued by Perpetual (Asia) Limited.

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