As part of the IPO, 677,175,200 units will be offered under the placement tranche and Singapore public offer at an offer price of 88 cents each. In addition, the REIT’s unit lenders, UIB Singapore Investments 1 and BP-Real Estate Investments, have entered into subscription agreements for 28,683,299 units and 230,832,500 units at the offer price respectively.
UI Boustead REIT is looking to raise $1.2 billion via an upcoming initial public offering (IPO), according to a prospectus it lodged with the Monetary Authority of Singapore on Feb 26.
The REIT is a spin-off from engineering and technology group Boustead Singapore and is sponsored by UIB Holdings. Boustead Singapore holds a 20% interest in UIB Holdings.
