Meanwhile, the facility is expected to be fully leased to a leading global aerospace corporation on a long-term lease of approximately 22.5 years with in-built rental escalations.
UI Boustead REIT (SGX:UIBU
) announced that it has entered into various agreements to coinvest in the development of a build-to-suit aerospace facility worth $104 million at the Seletar Aerospace Park in Singapore.
The facility will be developed by the REIT with the engineering, procurement and construction management contract undertaken by Boustead Projects E&C, which is a subsidiary of Boustead Singapore Limited (SGX:F9D) .
