Presently, Metrobilt Construction holds 26% of the units in the fund and 7.0% of the notes issued by Perpetual Limited, in its capacity as a trustee of BIF.
Metro Holdings (Metro), through its wholly-owned subsidiary Metrobilt Construction, has entered into a unit purchase agreement with Perpetual Limited for the divestment of its 26% interest in the Boustead Industrial Fund (BIF). The sale comes ahead of Boustead Singapore’s proposed listing of UI Boustead REIT (UIB REIT).
BIF owns 15 industrial, business park, high-spec industrial and logistics properties across Singapore with a net lettable area of around 2.2 million square feet, which will be divested to UI Boustead REIT. The agreed property value relating to the 15 properties amounts to around $765.7 million.
