UI Boustead REIT – Asia Pacific Logistics, Industrial and Business Space REIT – Debuts on SGX

SGX

03/12

UI Boustead REIT has a S$1.9 billion portfolio of 23 logistics, business space, Hi-Specs industrial and general industrial properties across Singapore (71.2%) and Japan (28.8%). The IPO portfolio ...

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The IPO portfolio ...</p>\n\n<a href=\"https://www.sgx.com/research-education/market-updates/20260312-ui-boustead-reit-asia-pacific-logistics-industrial-and\">网页链接</a>\n\n</div>\n","source":"sgx_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UI Boustead REIT – Asia Pacific Logistics, Industrial and Business Space REIT – Debuts on SGX</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUI Boustead REIT – Asia Pacific Logistics, Industrial and Business Space REIT – Debuts on SGX\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-12 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.sgx.com/research-education/market-updates/20260312-ui-boustead-reit-asia-pacific-logistics-industrial-and><strong>SGX</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UI Boustead REIT has a S$1.9 billion portfolio of 23 logistics, business space, Hi-Specs industrial and general industrial properties across Singapore (71.2%) and Japan (28.8%). The IPO portfolio ...</p>\n\n<a href=\"https://www.sgx.com/research-education/market-updates/20260312-ui-boustead-reit-asia-pacific-logistics-industrial-and\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK6045","symbol_name":"建筑与工程","start_time":0,"source_url":"https://www.sgx.com/research-education/market-updates/20260312-ui-boustead-reit-asia-pacific-logistics-industrial-and","article_id":"2619575311","we_media_id":null,"thumbnails":[],"rights":{"source":"sgx_stock","url":"https://www.sgx.com/research-education/market-updates/20260312-ui-boustead-reit-asia-pacific-logistics-industrial-and","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2619575311","pubTimestamp":1773244800,"columns":[],"sourceInfo":{"source_id":"sgx_stock","name":"SGX"},"weMediaInfo":null,"summary":"UI Boustead REIT has a S$1.9 billion portfolio of 23 logistics, business space, Hi-Specs industrial and general industrial properties across Singapore (71.2%) and Japan (28.8%). The IPO portfolio offe","collect":0,"end_time":0,"defaultTopTitle":"sgx.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK6045":"建筑与工程","BK6142":"多户式住宅房地产信托","8C8U.SI":"Cent Accom REIT","F9D.SI":"宝德新加坡","CFA.SI":"NikkoAM-STC Asia REIT","BK6520":"工商业服务概念"},"translate_title":"UI Boustead REIT-亚太物流、工业和商业空间REIT-在新交所首次亮相","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CFA.SI":1.5,"8C8U.SI":1.5,"F9D.SI":0.9},"content_text":"UI Boustead REIT has a S$1.9 billion portfolio of 23 logistics, business space, Hi-Specs industrial and general industrial properties across Singapore (71.2%) and Japan (28.8%). The IPO portfolio offers investors exposure to two markets positioned to benefit from Asia Pacific freight and logistics growth, which is expected to rise from US$2.7 trillion in 2025 to US$3.67 trillion by 2030. Long portfolio weighted average lease expiry (WALE) of 5.8 years, with over 60% of tenants having balance leases of 3 years or more. Some key properties include Rolls-Royce Solutions Asia, Razer SEA HQ and GSK Asia House.   The REIT offers an attractive distribution yield of 7.4% for Forecast Period 2026 and 7.8% for Projection Year 2027.UI Boustead REIT is established with the principal investment strategy to invest, directly or indirectly, in logistics, industrial, high-specifications (Hi-Specs) industrial and business space assets in the Asia Pacific – with an initial focus on Singapore and Japan. The initial portfolio comprises 23 properties – with 21 leasehold properties in Singapore and two freehold properties in Japan. The total agreed property value of the IPO Portfolio is approximately S$1.9 billion.Key Investment Highlights based on the IPO Prospectus1. Strong support from the Sponsor’s proven track record, extensive experience and real estate management platform:The Sponsor – UIB, formed through Unified Industrial’s acquisition of Boustead’s fund and property management business – is a fully vertically integrated Pan-Asian logistics and industrial real estate platform that focuses on high-growth markets in Asia and has approximately US$4.0 billion of assets under management (AUM).Aside from its track record of industrial and logistics developments in Singapore and Japan, the Sponsor has a network of over 500 tenants comprising Fortune 500 corporations, multinational corporations and large local corporations.Both UIB and Boustead Projects Limited have granted a right of first refusal (ROFR) to UI Boustead REIT over their respective pipeline of relevant real estate assets. Additionally, the Sponsor has indicated that the REIT will serve as the sole capital recycling vehicle for its Pan‑Asian stabilized industrial and logistics assets.2. Opportunity to invest in Singapore and Japan, two attractive industrial, logistics and business space markets within Asia PacificThe Asia Pacific freight and logistics market is expected to continue to grow from US$2.7 trillion in 2025 to US$3.7 trillion by 2030, representing a compounded annual growth rate of 6.3%.The Asia Pacific e-commerce market is expected to grow from US$4.2 trillion in 2024 to US$7.3 trillion in 2030 and is expected to be a major growth driver behind the industrial and logistics space.Singapore and Japan are markets with geopolitical stability, market maturity, strong corporate governance, transparency and greater predictability, which increases the investment appeal to investors.3. IPO portfolio exhibits strong asset characteristics of income stability and growth, providing the Unitholders with a highly resilient and growing income stream 65.1% of the IPO Portfolio (by Gross Rental Income) comprises assets which serve as strategic tenant infrastructure. Properties such as Razer SEA HQ and GSK Asia House have been designated by tenants as their regional headquarters or regional hub, increasing overall “tenant stickiness” within the IPO Portfolio.89.4% committed occupancy rate (as at 30 September 2025) with a further 420,000 sq ft of space currently under negotiation, potentially contributing an additional 8.0% of incremental occupancy uplift if concluded.4. Attractive total returns profile with multi-pronged growth leversDistribution yield of 7.4% for Forecast Period 2026 and 7.8% for Projection Year 2027.Long portfolio weighted average lease expiry (WALE) of 5.8 years, with over 60% of tenants having balance leases of 3 years or more.Expected to deliver an attractive total return of 12.2% from organic growth, with further inorganic growth potential enabled by its sizeable acquisition pipeline.5. Experienced board and management team with commitment to responsible growth and corporate governance, and strong alignment of interests between sponsor and unitholders Team comprises experienced senior professionals with extensive industrial and logistics, finance and capital markets expertise with more than 20 years of experience on average.Sponsor is fully committed to supporting the growth and success of UI Boustead REIT as UIB and BPL will together hold in aggregate up to approximately 19.0% of the total issued units, demonstrating alignment of interest with unitholders.Key Strategies1. Proactive asset management and enhancement strategy to drive growth in revenue and Net Property Income and maintain optimal occupancy levels. The REIT Manager will focus on building long-lasting relationships with tenants, active leasing and marketing of vacant space, and achieving early renewal commitments.2. Investments and growth strategy to grow distribution per unit (DPU) and net asset value (NAV) per Unit through sourcing and acquiring quality income-producing real estate within its mandate from both the Sponsor and third-parties and also evaluating and undertaking value-adding co-development opportunities across Singapore and Japan in partnership with the Sponsor.3. Prudent capital and risk management strategy to maintain a strong and robust balance sheet by among others, prudently employing an appropriate mix of debt and equity in financing investments and asset enhancements, and securing diversified funding sources. 4. Best practice approach to ESG commitments to achieve high sustainability standards in the operation and management of the REIT.Key Risks (Refer to page 96 of the IPO Prospectus for the full list) 1. The REIT may face difficulties in seeking tenants or finding replacement tenants for properties which are currently not operating at a stabilised occupancy rate.2. Some of the Properties are customised to cater to a single tenant or a small number of tenants and are typically designed for a specific use, which may make it difficult to find substitute tenants.3. The REIT Manager may not be able to successfully implement its investment strategy for UI Boustead REIT. 4. The REIT may be unable to successfully integrate and operate acquired properties, which could have a material adverse effect on UI Boustead REIT.Financials & ValuationGross rental income increased by 10.6% from $44.7 million in HY FY2025 to $49.4 million in HY FY2026, and net property income increased by 8.5% from S$38.3 million in HY FY2025 to S$41.6 million in HY FY2026. The increase was primarily due to the commencement of operations of UIB Konan Phase 2 on 30 June 2025. Based on the issue price of S$0.88 per unit, the REIT has a price to net asset value (NAV) of 1.0 times. The REIT has an aggregated leverage ratio of 37.9% at IPO.Industrial S-REITs on the SGXThe listing of UI Boustead REIT brings the total number of Industrial S‑REITs on SGX to eight. Prior to this, the seven Industrial S‑REITs had an average distribution yield of 6.6% and a P/B ratio of 1.1 times. NameMarket Cap (S$Mil)Distribution Yield (%)P/BCapitaLand Ascendas REIT13,0525.3%1.3Mapletree Logistics Trust6,7355.6%1.0Mapletree Industrial Trust5,9356.2%1.2ESR-REIT2,1828.1%1.0AIMS APAC REIT1,2266.5%1.2Alpha Integrated REIT5406.7%1.0Daiwa House Logistics Trust3968.1%0.8Average6.6%1.1UI Boustead REIT1,2007.4%*1.0*Distribution yield for Forecast Year 2026.Additional Information from IPO Prospectus IPO DetailsOffer price at S$0.88 per unit.677.2 million units offered (including over-allotment option):643.3 million units under the placement tranche33.9 million units under the public offer- Estimated IPO market capitalisation at S$1.2 billion. Cornerstone InvestorsThe following Cornerstone Investors subscribed to 429.2 million Units (31.4% of IPO units) at the Offer Price:AAH Investment Pte LtdAlliance Asia Duty Free Pte LtdAmova Asset Management Asia LimitedAmundi Malaysia Sdn. Bhd.Amundi Singapore LimitedCGS International Securities Singapore Pte. Ltd. (on behalf of certain high-net-worth clients)DBS Bank Ltd.DBS Bank Ltd. (on behalf of certain wealth management clients)JPMorgan Asset Management (Singapore) LimitedJUMBO Group of Restaurants Pte. Ltd.Maybank Asset Management Singapore Pte. Ltd.Maybank Securities Pte. Ltd. (on behalf of certain high-networth clients)Maybank Singapore LimitedMr Ong Pang AikMr Wong Fong FuiPrusik Investment Management LLPUnited Overseas Bank Limited (on behalf of certain private banking clients)UOB Kay Hian Private Limited (on behalf of certain corporate and high-net-worth clients)Did you know?Over the years, Boustead Singapore Limited (BSL) has been the recipient of many reputable awards including the prestigious Forbes Asia 200 Best Under A Billion Award. In 2019, BSL was awarded the Most Transparent Company Award and Sustainability Award (Runner-Up) by the Securities Investors Association (Singapore). Between 2020 to 2025, BSL was also ranked amongst Singapore’s Best Employers, Singapore’s Fastest Growing Companies, Asia-Pacific High-Growth Companies and Fortune Southeast Asia 500. BSL was also honoured with the Corporate Excellence & Resilience Award at the Singapore Corporate Awards 2021 Special Edition.Enjoying this read?Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.Stay up-to-date with our SGX Invest Telegram and WhatsApp channels.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}