UI Boustead REIT Raises $764M in Singapore's Largest IPO So Far This Year

Dow Jones03-12

By Megan Cheah

UI Boustead REIT has raised around 973.6 million Singapore dollars, equivalent to US$764 million, in Singapore's largest initial-public offering year-to-date.

The real-estate investment trust IPO was 3.3 times subscribed, the REIT's manager said Wednesday.

The offering of around 677.2 million units at S$0.88 each included an international placement of about 643.3 million units, which was 3.3 times subscribed.

The remaining shares under the Singapore public offering were 2.9 times subscribed, the REIT manager said.

Cornerstone commitments totaled S$377.7 million from investors including DBS Bank, Amundi Singapore, and JPMorgan Asset Management Singapore.

Securing cornerstone investors before an IPO lets companies market their offerings more effectively to institutional and retail investors.

"Despite ongoing macroeconomic volatility, the successful close of the IPO reflects confidence in the quality of our portfolio and its ability to generate stable and resilient cashflows," said Tan Shu Lin, chief executive of UI Boustead REIT's manager.

Units of UI Boustead REIT will start trading in Singapore on Thursday afternoon.

DBS, United Overseas Bank, and Citi are among the banks advising on UI Boustead's IPO.

Singapore is one of the largest markets for REITs and property trusts in Asia, with nearly 40 listed trusts and a combined market capitalization of approximately S$100 billion as of December 2025.

Write to Megan Cheah at megan.cheah@wsj.com

(END) Dow Jones Newswires

March 11, 2026 20:15 ET (00:15 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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