Boustead Singapore Forms Joint Venture with UI Boustead for Aerospace Facility

MT Newswires

05/25

Boustead Singapore (SGX:F9D) and UI Boustead REIT (SGX:UIBU) formed a joint venture to invest, develop, own and operate a built-to-suit aerospace facility in Singapore, according to a Friday bourse filing.

Shares of Boustead Singapore were up nearly 7% in Monday trading, while the REIT was up nearly 3%.

Under the agreement, Boustead Singapore's subsidiary will have a 49% stake in the joint venture, while UI Boustead REIT will have a 51% stake.

The JV has already received a letter of offer from JTC to lease several lots of land at Seletar Aerospace Road 1. The area spans around 29,986 square meters.

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