Boustead Singapore values proposed REIT at $1.9b

It is expected to debut with a portfolio of 23 properties.

Boustead Singapore Limited has announced plans to launch UI Boustead REIT on the Singapore Exchange, with the IPO portfolio valued at $1.9b.

The REIT is expected to debut with a portfolio of 23 properties, comprising 21 in Singapore and two in Japan.

The assets have a gross floor area of about 5.9 million square feet and a net lettable area of 5.3 million square feet.

After the listing, Boustead and its subsidiaries are expected to hold up to 16.9% of the REIT’s units. The transactions will provide about $62.1m in cash proceeds.

As part of the preparation, Boustead signed agreements to divest stakes in four Singapore properties into the REIT.

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