UI Boustead REIT targets 7.4% FY 2026 yield

Singapore makes up 71% of the portfolio.

UI Boustead REIT is expected to start trading on the SGX Mainboard on 12 March with a forecast distribution yield of 7.4% for FY2026, according to an SGX note.

At an offer price of $0.88 per unit, the IPO is expected to raise about $1b, including the full over-allotment option, implying an initial market capitalisation of about $1.2b. Aggregate leverage is estimated at 37.9% at listing.

The initial portfolio has 23 properties with an agreed valuation of $1.9b, comprising 21 leasehold assets in Singapore and two freehold properties in Japan. Singapore accounts for 71.2% of the agreed property value, with Japan at 28.8%.

Portfolio occupancy is 89.4%, and the top 10 tenants contribute 54% of net property income, with a weighted average lease expiry of 8.4 years for the top 10 tenants.

The firm said average rent reversions for Singapore leases renewed in FY 2024 and FY 2025 ranged from 7.5% to 11.5%, with 11.3% for renewals committed between 1 April 2025 and 30 September 2025.

The manager also has about 420,000 sq ft of space under negotiation, which could lift occupancy by 8.0% if concluded, the note said.

SGX said the listing would take the number of industrial S-REITs to eight, making the segment the second-largest by count after diversified S-REITs.

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