Boustead Singapore forms new industrial REIT

The company intends to use the net proceeds of $57.8 million for potential acquisitions.

Boustead Singapore will form the UI Boustead REIT, which will invest in logistics, industrial, high-specification industrial and business space assets.

The REIT’s initial portfolio is expected to comprise 23 properties, with 21 leasehold properties 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. with a total property value of $1.9b.

The company intends to use the net proceeds of $57.8 million for potential acquisitions, working capital and other capital allocation decisions and reinvestment.

It will also acquire the remaining interest in four divestment properties, including 29 Media Circle, BP-BBD2, 84 Boon Keng Road, and 11 Seletar Aerospace Link, through various purchase agreements.

Boustead is expected to receive about $6.2m from the proposed divestments.

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