The REIT’s seed portfolio includes the Razer HQ at 1 One-North Crescent
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.
