UI Boustead REIT said to be seeking $900 million Singapore IPO in March
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The Reit will begin taking investor orders as soon as January, sources said.
PHOTO: BOUSTEAD SINGAPORE
SINGAPORE – UI Boustead real estate investment trust (REIT) is gearing up for a listing in Singapore as early as March, targeting proceeds of at least $900 million, according to people familiar with the matter.
The real estate investment trust unit of Boustead Singapore will begin taking investor orders as soon as January, the people said. Deliberations are ongoing, and the deal size and timing may still change, they added.
A spokesperson for Boustead Singapore, an infrastructure-related engineering services firm, declined to comment.
The REIT’s fund-raising could make it one of the largest offerings in Singapore in recent years. The initial public offering (IPO) plan will further boost the country’s share-sale market, which is showing signs of a revival after years of lacklustre performance and liquidity concerns.
Total proceeds in the city-state hit a six-year high in 2025 of US$1.9 billion (S$2.4 billion), according to data compiled by Bloomberg.
UltraGreen.ai raised US$400 million in December 2025 in the largest Singapore IPO for companies other than Reits since 2017.
NTT DC REIT’s IPO raised US$773 million in July, in the city-state’s biggest listing in eight years.
Boustead Singapore applied to the Singapore Exchange and the Monetary Authority of Singapore on behalf of UIB Holdings for a Reit IPO and listing, according to a September filing
The REIT’s IPO portfolio will include more than 20 leasehold properties in Singapore and two freehold ones in Japan, for a total agreed property value of $1.9 billion
Citigroup, DBS Group Holdings and UOB are among those arranging the listing, people familiar with the matter said. Representatives for all three declined to comment. BLOOMBERG
