Boustead Singapore gets nod to list REIT on SGX, to divest 15 properties (updated)

Boustead Singapore

10/02/2026 01:02

Updates with details from paragraph 2 onwards

Feb 10 (Reuters) - Boustead Singapore BTSS.SI said on Tuesday it had received bourse approval to list UI Boustead REIT on the main board of the Singapore Exchange and that it would sell its interests in 15 properties as part of the listing to the REIT.

The investment holding firm will divest its interests in 12 industrial properties and three other Singapore properties, including the Razer SEA headquarters and the Rolls-Royce Solutions Asia facility.

Boustead will receive about S$218.7 million ($172.78 million) for its interests in the Singapore properties, and S$40 million from bond issuances to the REIT, which focuses on logistics and industrial properties, primarily in Singapore.

The properties will form part of the UI Boustead REIT's 23‑property portfolio, including 21 leasehold properties located in Singapore and two in Japan, valued at S$1.90 billion.

Boustead plans to reinvest S$202.8 million to acquire about 16.9% of the REIT and use the remaining proceeds for transaction costs and working capital. The deal is expected to generate a gain of around S$154.6 million.

A term sheet reviewed by Reuters on Monday showed that Boustead had started premarketing the initial public offering (IPO) on the Singapore Exchange.

Investor education was scheduled to begin from Monday, with key details such as the offer size and lock-up period yet to be finalised.

($1 = 1.2658 Singapore dollars)

 (Reporting by Kumar Tanishk in Bengaluru; Editing by Subhranshu Sahu)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))