On Apr, 24 2026, UI Boustead REIT said it has agreed to co-invest in the UIB Konan Phase 3 logistics development in Konan City, Shiga Prefecture, Japan.

UI Boustead REIT will hold a 24.26% effective interest in the project together with Fraxtor and sponsor UIB Holdings. The trust’s share of the total investment is about 20.8 million Singapore dollars, of which 7.3 million Singapore dollars will be funded with internal resources and/or existing debt facilities.

The overall development cost is estimated at 10.3 billion yen, or 84.1 million Singapore dollars, with completion targeted for the second quarter of 2027. The manager expects a yield on cost of about 4.8%, and projects aggregate leverage to increase from 37.9% to 38.6% when the asset is completed.

Phase 3 will comprise two logistics facilities with a combined gross floor area of 518,162 sq ft and net lettable area of 508,880 sq ft on a 574,246 sq ft site under a 70-year land use right ending in 2096.

Following completion, UI Boustead REIT’s portfolio is expected to rise from 23 to 24 properties, lifting assets under management to 1.925 billion Singapore dollars. Portfolio exposure to Japan will increase to 29.6% and exposure to logistics assets to 30.7%. The trust also holds an option to acquire full ownership of the facilities after development.