Boustead Singapore Limited (F9D) said on Feb, 10 2026 that it has signed definitive agreements to divest its remaining interests in 15 Singapore industrial and logistics properties to the newly formed UI Boustead REIT, which is slated for a Mainboard listing on Singapore Exchange.

The transaction values the 23-asset initial portfolio of the REIT at about 1.90 billion Singapore dollars on a 100 percent basis. UI Boustead REIT will pay an estimated 1.12 billion Singapore dollars for the properties and related bonds, of which Boustead Singapore expects to receive 258.7 million Singapore dollars in cash.

The group plans to use roughly 202.8 million Singapore dollars of the proceeds to subscribe for about 16.9 percent of the REIT’s units at IPO, 8.0 million Singapore dollars for transaction costs and 5.6 million Singapore dollars for its share of IPO expenses, with the balance kept as working capital.

Boustead Singapore booked an estimated pre-tax gain of 154.6 million Singapore dollars from the sales, which will raise its net tangible assets per share to 149.2 Singapore cents from 117.7 Singapore cents on a pro-forma basis.

The Singapore Exchange has issued an eligibility-to-list letter for UI Boustead REIT, but the flotation remains subject to final regulatory clearances and market conditions. Because the size of the divestment exceeds 20 percent of several Chapter 10 thresholds, the deal is classified as a major transaction and requires shareholder approval.

An extraordinary general meeting will be held at 10:30 a.m. on Feb, 25 2026 at Suntec Singapore Convention & Exhibition Centre for shareholders to vote on the proposed divestments, the REIT unit subscription and related transactions.