UI Boustead REIT plans to raise 900 million yuan through an IPO | Lianhe Zaobao

According to Bloomberg, citing informed sources, Boustead Singapore's UI Boustead REIT is preparing to list on the Singapore Exchange as early as March this year, planning to raise at least SGD 900 million through an initial public offering (IPO). Informed sources indicated that this REIT may start soliciting subscription intentions from investors as early as next month. However, discussions are still ongoing, and the issuance scale and listing time may still be adjusted. A spokesperson for Boustead Singapore declined to comment on this matter. Boustead Singapore is a company engaged in infrastructure-related engineering services. Further Reading UI Boustead REIT's first batch of 23 properties with a total value of SGD 1.9 billion Boustead applies for real estate investment trust listing, stock price surged 12.8% on Wednesday If successful, this listing plan is expected to become one of the largest IPOs in Singapore in recent years and will further boost the local recovering stock issuance market. Bloomberg data shows that Singapore's total IPO fundraising in 2025 reached USD 1.9 billion, a six-year high. Last month, UltraGreen.ai raised USD 400 million, becoming the largest local IPO since 2017, excluding real estate investment trusts. The NTT Data Center Real Estate Investment Trust (NTT DC REIT) was listed in July last year, raising USD 730 million, making it the largest IPO in Singapore in eight years According to a document from September last year, Boustead Singapore has submitted a listing application for a real estate investment trust to the Singapore Exchange and the Monetary Authority of Singapore on behalf of UIB Holdings. The document shows that the asset portfolio proposed for listing by UI Boustead REIT includes over 20 leased properties in Singapore and two freehold properties located in Japan, with a total agreed asset valuation of approximately SGD 1.9 billion. Informed sources revealed that financial institutions such as Citigroup, DBS, and UOB are involved in arranging this listing. Representatives from the three banks declined to comment