UI Boustead REIT is looking to raise $1.2 billion at $0.88 per unit in its initial public offering (IPO), with a 23-property initial portfolio spanning logistics, business space, high-specification industrial, and general industrial assets across Singapore and Japan.

Its IPO preliminary prospectus, lodged on Feb 26, noted that it will pursue organic growth through contractual built-in rental escalations, lease-up opportunities, and positive rental reversions from lease renewals.

Moreover, its sponsor UIB and Boustead Projects are each providing a right of first refusal over their pipeline of stabilised assets in the Asia Pacific region. This means the REIT can potentially tap into UIB’s over US$5.9 billion of quality real estate assets for growth.

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Cornerstone investors in UI Boustead REIT include Amova Asset Management Asia, Amundi Malaysia, Amundi Singapore, DBS Bank, JPMorgan Asset Management (Singapore), Jumbo Group of Restaurants, construction group Lian Beng’s chairman and managing director Ong Pang Aik, and Boustead chairman and group CEO Wong Fong Fui.

The REIT’s sponsor UIB is a vertically integrated pan-Asian logistics and industrial real estate platform with about $4 billion in total assets under management in Asia as at end-2025, across 82 assets with over 19 million sq ft of gross floor area. SGX Mainboard-listed Boustead Singapore owns an approximately 24% interest in UIB.

Previously known as UI Holdings, UIB was formed through Unified Industrial’s acquisition of Boustead Projects’ fund and property management business in March 2025. The deal brought together the two businesses’ capabilities in acquisition, development, asset management, and property and lease management, combining Unified Industrial’s presence in North Asia with Boustead Projects’ business in Southeast Asia.

The initial portfolio of the REIT will comprise 21 leasehold properties in Singapore and two freehold properties in Japan, with a total agreed property value of about $1.9 billion as at Sept 30, 2025.

Together, the properties span roughly 5.9 million sq ft of gross floor area and 5.3 million square feet of net lettable space, with a committed occupancy rate of 89.4%.

They are located within established industrial clusters or near key transportation infrastructure, and are leased to tenants in high-technology or value-add, innovative sectors such as electronics and IT, automotive, aerospace and avionics, life sciences, precision engineering, and e-commerce.

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Net property income for the financial year ended Mar 31, 2025 stood at about $77.1 million, down 2.8% from $79.3 million a year ago, on gross revenue of $99.3 million.

Save for 26 Tai Seng Street, a hi-specs industrial property in Singapore, and the Toyo MK Fuso Building, a business space property near central Tokyo, all the other properties in the REIT portfolio were developed by the sponsor.

Nearly two-thirds of the portfolio, based on gross rental income for September 2025, serve as tenants’ regional headquarters or are important facilities that form a critical part of tenants’ broader supply chain, with many being built-to-suit properties, the REIT manager said.

Properties such as Razer’s Southeast Asia headquarters and GSK Asia House are designated by tenants as their regional hub, increasing overall “tenant stickiness” within the portfolio, the manager added.