UI Boustead REIT occupancy rises to 92.2% after new leases

Singapore's committed occupancy reached 97.1%.

UI Boustead REIT’s portfolio committed occupancy rose to 92.2% as of 30 April 2026, following the renewal and signing of new leases covering 305,292 square feet.

The leases, signed between 1 October 2025 and 30 April 2026, represented 5.7% of the REIT’s portfolio net lettable area. Portfolio committed occupancy improved from 89.4% as disclosed in its prospectus.

Committed occupancy for the Singapore portfolio rose to 97.1%, from 96.3% previously.

At 26 Tai Seng Street, committed occupancy increased from 81.6% to 96.7%, supported by a new lease with a globally renowned fast-food chain for its Singapore headquarters operations.

At AUMOVIO Building Phase 3, around 40% of the net lettable area has been pre-committed ahead of its asset enhancement works, which are set to start in June 2026.

The project will convert the property from single-tenanted to multi-tenanted, with completion expected in November 2026.

The Japan portfolio also improved, with committed occupancy rising from 76.7% to 83.2%. The Toyo MK Fuso Building reached full committed occupancy after securing a new lease with a major Japanese insurance corporation.

At UIB Konan Phase 2, committed occupancy rose from 76.7% to 81.6%. Another 12.7% of the property’s net lettable area is in advanced negotiation.

The manager said it has locked in electricity tariff rates for the Singapore portfolio for the next three years to 2029, to manage utility cost volatility. Utility costs for Japan properties are largely passed through to tenants.

As of March 31, UI Boustead REIT’s aggregate leverage stood at 37.0%, with a weighted-average all-in cost of debt of about 2.5% and a weighted-average debt maturity of 4.1 years. The REIT has no refinancing requirement until FY2029.

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