Fund Manager, Privium Funds

Privium Fund Management

Fund Manager

Privium Funds

Privium Fund Management (Singapore) Pte Ltd is an MAS regulated Fund Manager holding a CMS License with a proven track record in providing Fund Management solutions for traditional and alternative asset portfolios.

Equity Bottom-Up

<ul>
<li>We think UI Boustead REIT offers an attractive entry point to SGX-listed industrial and logistics REITs.</li>
<li>It pairs a young, ~98%-occupied S$1.9bn Singapore-and-Japan portfolio with strong net property income margins and a forward distribution yield of ~8.1%/8.5% (FY26(E)/FY27(E)) on the current S$0.80 price, backed by a visible Sponsor pipeline and highly specialised, high tech industrial clients.</li>
<li>With the units trading modestly below pro forma NAV (S$0.85) and below the S$0.88 IPO price, the key detractions are the REIT's short trading history, heavy reliance on a Sponsor only pipeline, and whether the present high occupancy can translate into distributions that would meet the IPO expectations.</li>
</ul>


We think UI Boustead REIT offers an attractive entry point to SGX-listed industrial and logistics REITs.
It pairs a young, ~98%-occupied S$1.9bn Singapore-and-Japan portfolio with strong net property income margins and a forward distribution yield of ~8.1%/8.5% (FY26(E)/FY27(E)) on the current S$0.80 price, backed by a visible Sponsor pipeline and highly specialised, high tech industrial clients.
With the units trading modestly below pro forma NAV (S$0.85) and below the S$0.88 IPO price, the key detractions are the REIT's short trading history, heavy reliance on a Sponsor only pipeline, and whether the present high occupancy can translate into distributions that would meet the IPO expectations.


UI Boustead REIT (SGX: UIBU): IPO Research (3 August 2026)

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Over five sessions, directors reported six acquisitions, substantial shareholders recorded six acquisitions and four disposals, with seven companies conducting buybacks totaling S$26.2 million.</li><li>Singtel repurchased 195.3 million shares for S$893.0 million under its S$2 billion buyback program, increasing EPS by approximately 3%.</li><li>Amova Asset Management increased its stake in Frencken Group to 7.19% and UI Boustead REIT to 7.02%, supporting growth initiatives.</li></ul>

Over five sessions, directors reported six acquisitions, substantial shareholders recorded six acquisitions and four disposals, with seven companies conducting buybacks totaling S$26.2 million.Singtel repurchased 195.3 million shares for S$893.0 million under its S$2 billion buyback program, increasing EPS by approximately 3%.Amova Asset Management increased its stake in Frencken Group to 7.19% and UI Boustead REIT to 7.02%, supporting growth initiatives.

Amova Adds to Frencken & UI Boustead REIT Positions

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">UI Boustead Reit (UIBREIT SP)</a> (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.</li>
<li>UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.</li>
<li>We have looked at the past performance in our earlier note. In this note, we talk about valuations.</li>
</ul>



UI Boustead Reit (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.
UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.
We have looked at the past performance in our earlier note. In this note, we talk about valuations.


Aequitas: UI Boustead REIT IPO - Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ui-boustead-reit" target="_blank" data-smartkarma-citation="entities:47562:1" rel="noopener">Ui Boustead Reit (UIBREIT SP)</a> (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.</li>
<li>UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.</li>
<li>In this note, we look at the company's past performace.</li>
</ul>



Ui Boustead Reit (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO.
UBREIT’s initial portfolio comprises 21 properties in Singapore and two properties in Japan. The total value of the IPO Portfolio is approximately S$1.9bn (US$1.5bn) as at 30 September 2025.
In this note, we look at the company's past performace.


UI Boustead REIT IPO - Diverse Asset Base

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/ui-boustead-reit">UI Boustead REIT</a> (UIBREIT) is a newly listed real estate investment trust focused on high-growth logistics and industrial assets in the key Asian markets of Singapore and Japan.</li>
  <li>The REIT offers investors an attractive and higher-than-peer projected distribution yield, underpinned by a portfolio with built-in rental escalations and a strong pipeline of potential acquisitions from its sponsor.</li>
  <li>Key risks for consideration include a relatively low initial portfolio occupancy rate, foreign currency exposure to the Japanese Yen, and a reliance on successfully negotiating new and renewal leases to meet financial projections.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
UI Boustead REIT (UIBREIT) is a newly listed real estate investment trust focused on high-growth logistics and industrial assets in the key Asian markets of Singapore and Japan.
  The REIT offers investors an attractive and higher-than-peer projected distribution yield, underpinned by a portfolio with built-in rental escalations and a strong pipeline of potential acquisitions from its sponsor.
  Key risks for consideration include a relatively low initial portfolio occupancy rate, foreign currency exposure to the Japanese Yen, and a reliance on successfully negotiating new and renewal leases to meet financial projections.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: UI Boustead REIT (UIBREIT SP) - Apr 2026

Singapore

UI Boustead REIT is a Singapore-listed real estate investment trust that invests in logistics, industrial, high-specifications industrial, and business space assets across the Asia Pacific, with an initial focus on Singapore and Japan. Its initial portfolio comprises 23 properties with approximately 5.9 million square feet of gross floor area. The company was constituted on July 3, 2025, and is headquartered in Singapore.

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UI Boustead (UIBREIT SP)

UI Boustead REIT (SGX: UIBU): IPO Research (3 August 2026)

We think UI Boustead REIT offers an attractive entry point to SGX-listed industrial and logistics REITs. It pairs a young, ~98%-occupied S$1.9bn...

Privium Fund Management

Amova Adds to Frencken & UI Boustead REIT Positions

Over five sessions, directors reported six acquisitions, substantial shareholders recorded six acquisitions and four disposals, with seven...

Singapore Exchange Ltd (SGX)

Aequitas: UI Boustead REIT IPO - Thoughts on Valuations

UI Boustead REIT (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO. In this note, we talk...

Sumeet Singh

UI Boustead REIT IPO - Diverse Asset Base

Ui Boustead Reit (UIBREIT SP) (UBREIT), a logistics and industrial REIT, aims to raise up to US$767m in its Singapore IPO. In this ntoe, we look at...

Sumeet Singh

Primer: UI Boustead REIT (UIBREIT SP) - Apr 2026

UI Boustead REIT (UIBREIT) is a newly listed real estate investment trust focused on high-growth logistics and industrial assets in the key...

αSK Primers

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