Overview
UI Boustead REIT is launching its IPO on the SGX Mainboard, seeking to raise up to S$1.02 billion (including the overallotment option), potentially the largest Singapore IPO since 2017. The Offering comprises 677.2 million units at S$0.88 per unit, fully underwritten by a strong syndicate of global banks. Cornerstone investors have committed S$377.7 million, including: Amova Asset Management Asia, JPMorgan Asset Management (Singapore), Amundi (Singapore & Malaysia), and Jumbo Group.
The Sponsor group (UIB Holdings & Boustead Projects) will retain approximately 15–19% stake post-listing (depending on overallotment exercise), demonstrating long-term alignment.
Retail subscription: 5–10 March 2026
Trading debut: 12 March 2026
Fundamental and Financial Ratios
Type: Logistics, Industrial, Hi-Specs Industrial & Business Space
Sponsor: UIB Holdings Limited (with Boustead Projects)
Total Units Offered: 677,175,200
IPO Offer Price: S$0.88 per unit
Portfolio Size: ~S$1.9 billion
Geographic Presence: Singapore (21 properties), Japan (2 properties)
Gross Floor Area: 5.9 million sq ft
NAV per Unit: S$0.85
Price / NAV: 1.03x
Forecast Distribution Yield:
• 7.4% (Forecast Period FY2026)
• 7.8% (Projection Year FY2027)
Distribution Policy: 100% of distributable income (initially)
Lease Management Ratios
Committed Occupancy: 89.4%
WALE: 5.8 years
Top 10 Tenants Contribution: ~54% of NPI
• 9 out of top 10 tenants are Fortune 500 / listed companies
• ~65% of portfolio serves as strategic tenant infrastructure
Tenant exposure spans aerospace, electronics, life sciences, automotive, logistics and high-tech sectors — industries aligned with Singapore’s long-term economic strategy.
Built-in rental escalations and positive rental reversion opportunities provide visible organic growth.
Debt Management Ratios
Aggregate Leverage: 37.9%
Interest Coverage Ratio: 4.7x
Weighted Average Interest Cost: 2.4%
Weighted Average Debt Maturity: 4.2 years
Debt profile is balanced with no near-term refinancing concentration risk.
IPO Information
IPO Offer Price: S$0.88 per unit
Retail subscription: 5–10 March 2026
Trading debut: 12 March 2026
Portfolio Overview
The IPO Portfolio comprises 23 industrial, logistics and business space assets, diversified by geography and asset class.
By Geography (Agreed Property Value):
• Singapore – 71.2%
• Japan – 28.8%
By Asset Type:
• Logistics – 29.9%
• Business Space – 29.7%
• Hi-Specs Industrial – 19.1%
• General Industrial – 21.3%
Key assets include:
• GSK Asia House
• Razer SEA HQ
• AUMOVIO Buildings
• UIB Konan Phase 2 (Japan logistics ramp-up asset)
The portfolio has a total agreed property value of S$1,904.2 million.
Kenny Loh is a distinguished Wealth Advisory Director with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.
In addition to his advisory role, Kenny is an esteemed SGX Academy trainer specializing in S-REIT investing and regularly shares his insights on MoneyFM 89.3. He holds the titles of Certified Estate & Legacy Planning Consultant and CERTIFIED FINANCIAL PLANNER (CFP).
With over a decade of experience in holistic estate planning, Kenny employs a unique “3-in-1 Will, LPA, and Standby Trust” solution to address clients’ social considerations, legal obligations, emotional needs, and family harmony. He holds double master’s degrees in Business Administration and Electrical Engineering, and is an Associate Estate Planning Practitioner (AEPP), a designation jointly awarded by The Society of Will Writers & Estate Planning Practitioners (SWWEPP) of the United Kingdom and Estate Planning Practitioner Limited (EPPL), the accreditation body for Asia.
You can join his Telegram channel #REITirement – SREIT Singapore REIT Market Update and Retirement related news. https://t.me/REITirement
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