UI Boustead REIT Begins Pre-Marketing for Singapore IPO
UI Boustead REIT has initiated pre-marketing activities for its initial public offering (IPO) in Singapore, potentially raising at least $900 million, according to people familiar with the matter. Investor orders are expected to be taken as early as January 2026.
The real estate investment trust, a unit of Boustead Singapore, plans to list on the Singapore Exchange, marking a significant offering in the region. The potential $900 million in proceeds could make it one of the largest IPOs in Singapore in recent years, signaling a revival in the city-state’s share-sale market. Total proceeds in Singapore reached US$1.9 billion (S$2.4 billion) in 2025, a six-year high.
Boustead Singapore applied to the Singapore Exchange and the Monetary Authority of Singapore on behalf of UIB Holdings for the REIT IPO and listing in September 2025, as reported by Yahoo Finance Singapore. The REIT’s portfolio will consist of more than 20 leasehold properties in Singapore and two freehold properties in Japan, with a total agreed property value of $1.9 billion.
The proposed UI Boustead REIT will primarily invest directly or indirectly in logistics, industrial, high-specifications industrial, and business space assets. The initial portfolio spans approximately 5.9 million square feet (548,128 square metres) of gross floor area, yielding a net lettable area of approximately 5.3 million square feet, according to Mingtiandi.
Citigroup, DBS Group Holdings, and UOB are among the firms arranging the listing, sources said. The REIT is valued at $1.5 billion. This move highlights the growing interest in Singapore as a hub for real estate investment trusts, particularly in the industrial and logistics sectors.
UI Boustead REIT is comprised of 23 properties, with 21 located in Singapore and two in Japan. The company’s formation followed the acquisition of Boustead Singapore’s property and fund management business by Unified Industrial, a Macquarie portfolio company, in March 2025.
