Macquarie-Sponsored UI Boustead REIT to Raise $948M in Singapore IPO

UI Boustead REIT aims to raise S$1.2 billion ($948 million) in total equity from its initial public offering in Singapore, according to a prospectus filed with the city-state’s central bank.

The trust’s manager is offering 677,175,200 IPO units at S$0.88 per unit, the manager said Thursday in the prospectus. An additional 429,181,800 units will be made available at the same price to the REIT’s cornerstone investors and a further 28,683,000 to the trust’s sponsor, Macquarie Asset Management-controlled UIB Holdings Ltd.

The cornerstone investors include asset management divisions at Amova (formerly Nikko), Amundi, JP Morgan, Maybank and Prusik, as well as Lian Beng Group chairman Ong Pang Aik and Boustead Singapore chairman and CEO Wong Fong Fui. UIB Holdings Ltd was formed last March when Macquarie portfolio company Unified Industrial acquired the property and fund management business of Boustead Singapore.

Tan Shu Lin, formerly CEO at OUE Commercial REIT, is chief executive of UI Boustead REIT’s manager, while Boustead veterans Lee Keen Meng and Ho Tai Wing serve as chief financial officer and head of investment and asset management, respectively.

“The management team’s combined experience and expertise allow the management of UI Boustead REIT to immediately focus on executing its growth strategy and delivering sustainable growth for unitholders,” the manager said.

Profit Climbs

At listing, UI Boustead REIT will own an initial portfolio of 23 properties comprising 21 leasehold assets in Singapore and two freehold assets in Japan, with an agreed property value of S$1.9 billion as of 30 September 2025.

The trust focuses on industrial and business park assets, with an initial geographic emphasis on Singapore and Japan. The seed portfolio has a committed occupancy rate of 89.4 percent and a net lettable area of 5.3 million square feet (492,386 square metres).

Among the properties included in the listed trust are business park complex 29 Media Circle (also known as Alice at Mediapolis), as well as industrial assets 8 & 12 Seletar Aerospace Heights and 11 Seletar Aerospace Link. The portfolio also includes 1 One-North Crescent business park, which serves as the Southeast Asia headquarters of gamer gear maker Razer.

UI Boustead REIT reported gross revenue of S$95 million in its fiscal 2023, S$100.7 million in fiscal 2024 and S$99.3 million in fiscal 2025, with net property income of S$74 million, S$79.3 million and S$77.1 million respectively, according to unaudited financials in the prospectus.

Net income rose from S$56.2 million to S$65.1 million and S$67.7 million. Profit before distribution and after tax climbed from S$35.5 million in fiscal 2023 to S$73.9 million in fiscal 2025, the manager said.

Staying Invested

Earlier this month, engineering group Boustead Singapore announced plans to sell its interests in 15 of the 21 city-state properties that form part of the seed portfolio of UI Boustead REIT, anticipating a disposal gain of S$154.6 million from the transactions.

By reinvesting part of the divestment proceeds into UI Boustead REIT, Boustead Singapore plans to remain anchored as a partner and shareholder of the sponsor, as well as the controlling unitholder in the listed trust.

With Macquarie holding a majority stake in UIB Holdings Ltd, Boustead Singapore has a roughly 20 percent stake in the entity, with Unified Industrial founders Josh Olsan and Ross Antoci also owning minority stakes in the company.