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UI Bousted Reit - UIBU
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Joelton
Supreme |
28-Aug-2026 14:23
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Fraxtor, UI Boustead REIT co-invest in two logistics facilities in Greater Osaka Singapore-headquartered fractional real estate investment platform Fraxtor has co-invested in two logistics facilities in Greater Osaka, Japan with Mainboard-listed UI Boustead REIT, marking its first joint venture with a listed REIT. Fraxtor announced on Aug 26 the successful close of its fundraising for the UIB Konan Phase 3 logistics development, the third and final phase of UIB Konan Logistics Park. According to Fraxtor, the dual-tranche Singapore dollar- and Japanese yen-denominated offering was oversubscribed, reflecting strong investor demand for exclusive real estate opportunities. Fraxtor claims its accredited co-investors potentially gain double-digit returns over an estimated investment term of under two years. The manager of UI Boustead REIT earlier said it expects an estimated yield on cost of about 4.8%. UI Boustead REIT announced its participation in the development on April 24, marking its first investment following its IPO in March. The REIT detailed total development costs, including base construction and financing expenses, of approximately JPY10.3 billion ($82.2 million). Its share is some JPY2.5 billion. A Tokyo Stock Exchange-listed company is also involved in the development, according to the REIT. Slated for completion in 2Q2027, the two logistics facilities boast a combined gross floor area of approximately 48,139 sqm on a 53,349 sqm site in Konan City, Shiga Prefecture. The site enjoys direct access to National Route 1 and is within 2km of the Ritto Konan Interchange, offering access to approximately 30% of Japan' s population across 20 prefectures within a four-hour drive, according to Fraxtor. Greater Osaka&rsquo s logistics vacancy stood at just 2.2% in 1Q2026, the lowest among Japan&rsquo s four major metropolitan markets. Fraxtor co-founder Oliver Siah says Japan&rsquo s logistics sector &ldquo continues to be underpinned by strong structural tailwinds&rdquo , from persistent undersupply of modern facilities to resilient occupier demand in key metropolitan corridors. &ldquo Greater Osaka in particular has demonstrated some of the tightest fundamentals in the market, and we see continued opportunity for our investors in this space.&rdquo Samuel Lee, CEO of Fraxtor said, " Partnering with UIB REIT allows us to bring bespoke institutional-grade opportunities to the Fraxtor community that would otherwise be difficult for investors to access. This transaction reflects our continued focus on curating high-quality, exclusive investment products for our investors.&rdquo Licensed by the Monetary Authority of Singapore, Fraxtor has successfully participated in over 30 projects across Singapore, Australia, Japan, London, Canada and Thailand over the last five years with a total project gross development value (GDV) amounting to over $4 billion. Over the past three years, Fraxtor has realised 10 projects for its investors, achieving returns averaging 16% per annum. |
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Joelton
Supreme |
05-Aug-2026 10:37
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Analysts look beyond NPI miss and remain upbeat on UI Boustead REIT No thanks to a slight miss in its first business update, UI Boustead REIT units dropped from 84 cents to 80 cents. For the period March 12, when the counter began trading, to June 30, the REIT, which owns 23 properties in Singapore and Japan, reported net property income of $29.2 million, which was 4.3% below the forecast made at the time of its IPO. UIBREIT attributes the softer numbers to a weaker yen versus the Singdollar. Also, a global e-commerce player delayed the commencement of lease at UIB Konan Phase 2 by a month to June. With this tenant and other new leases, the REIT' s portfolio in Japan improved its committed occupancy from 76.7% to 100%. UIBREIT' s Singapore improved its occupancy by 0.7ppt to 97%. It secured a new lease with a global fast-food chain for its Singapore headquarters at 27 Tai Seng Street. It clocked a positive rental reversion of 2.6% in 1QFY27. To reposition 84 Boon Keng Road from single-tenant to multi-tenant use, UIBREIT is spending $2.6 million on asset enhancement works. Seen to be done by end of this year, some 40% of the NLA is already spoken for. Overall, committed portfolio occupancy reached 98.1% as of June, up from 89.4% last September. Portfolio WALE was healthy at 5.4 years and 78% of leases expiring in the remainder of FY2027 are already under advanced negotiations. " Topline performance is below IPO expectations and underwhelming. While we monitor the SGD/JPY trend, we expect the impact on DPU to be manageable at this level, supported by income contributions from the AEI and improved occupancy," says Krishna Guha of Maybank Securities, who is for now keeping his " buy" call and $1.03 target price. Dale Lai of DBS Group Research is slightly more positive, with a similar " buy" call and a slightly higher target price of $1.05. Jonathan Koh of UOB Kay Hian is unfazed by the NPI missing the forecast. He calls the drop in unit price a " violent" reaction, as he maintains his bullish " buy" and $1.17 target price on this counter. " UIBREIT remains confident in the resilience of its Singapore and Japan portfolio, supported by strong occupancy, long lease tenures and high-quality multinational tenants, despite uncertainties arising from the Middle East conflict," says Koh. " Management remains committed to delivering its IPO forecast." Koh also notes that the REIT is differentiating itself from other industrial landlords in certain aspects. For example, UIBREIT has taken a 51% stake in a development to build a facility for a tenant in the aerospace sector, which provides an attractive yield on cost of 8.6%. Construction is scheduled to commence in 2HFY2026 and the new facility should be operational starting 2QFY2028 and begin to contribute to the REIT in FY2029 and lift the proportion of REIT' s rental income drawn from high-value automotive, aerospace & avionics sector from 19.3% to 22.1%. UI Boustead REIT units closed at 81 cents on Aug 4, down 0.62%. Its IPO price was 88 cents. |
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Alignment
Elite |
30-Jul-2026 14:45
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Takaichi mismanaging the country is concerning of course. Media is now comparing her to Liz Truss which shows how bad she is perceived. But with this REIT specifically I' ve looked at the financials again and I' m fine with the situation now. In particular I would point out: 1) the JV performance outperformed the IPO forecast by 30%. So the NPI + JV outturn was only 1.6% below the IPO forecast 2) the debt is skewed to JPY borrowings. 46% of debt is JPY compared to only around 25% of asset value. So the debt is a 66% natural hedge against the assets The JPY interest cost is therefore less in SGD terms than the IPO forecast. Given interest cost is below the net property income line, you don' t see the positive impact of the hedging just by looking at revenue or net property income. It may be that DPU may even be higher than the IPO forecast when the first distribution is made. |
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chengwh1
Elite |
30-Jul-2026 10:47
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I think?. What we shld be more ?nervous? of is the weakening of the JPY here because Konan rentals are collected in JPY to be converted into SGD to pay us dividends. | ||||
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chengwh1
Elite |
30-Jul-2026 10:43
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Hi bro? this is Q1 plus 18 days since listing, so no divvy payout yet?
The miss was because one global ecommerce player tenant moved in late to the property by one mth.. so, less rental income collected for just 1 mth? will not move the dpu at all. Will be attending the sponsor?s AGM this noon? will see if can get more insights.
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Alignment
Elite |
29-Jul-2026 12:27
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I guess worth looking at why they missed. Of the two reasons the delay in lease commencement was just a timing issue - it is 100% now. The other reason is the weak JPY (as opposed to Japanese operating performance). A quarter of UIB' s assets are Japanese. Even with hedging, a weaker JPY is going to impact the value of the business, obviously. Personally I would prefer 100% Sing exposure. But given where JPY is today I am happy to bet there is more upside than downside from here from a JPY perspective - otherwise Trump is going to take it out on Takaichi (perhaps going beyond reminding her about Pearl Harbour). But clearly I could be wrong here. I did buy some at the bottom yesterday.
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prophetjul
Master |
28-Jul-2026 09:39
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Missed IPO forecasts. Not so good, huh? | ||||
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Joelton
Supreme |
28-Jul-2026 09:27
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UI Boustead REIT reports net property income of $29.2 mil 4.3% lower than IPO forecast UI Boustead REIT (SGX:UIBU) has reported a net property income (NPI) of $29.2 million for the period from March 12 to June 30. This figure was 4.3% lower than its IPO forecast, mainly due to the weaker Japanese Yen and the delay in lease commencement for a vacant unit at UIB Konan Phase 2, which has achieved full occupancy as at June 30. Meanwhile, share of results from joint ventures was at $3.3 million, which was 30% above its IPO forecast due to the better performance at Razer SEA HQ and 6 Tampines Industrial Avenue 5. Committed portfolio occupancy was 98.1% as at June 30, 8.7 percentage points higher than 89.4% as at Sept 30, 2025. UI Boustead REIT explains that the higher occupancy was due to occupancy uplift from 26 Tai Seng Street in Singapore, UIB Konan Phase 2 and Toyo MK Fuso Building in Japan. During the period, around 63,600 square feet (sq ft) were renewed, of which about 26,800 sq ft was from its Singapore portfolio, which saw a positive rental reversion of 2.6%. Portfolio weighted average lease expiry (&ldquo WALE&rdquo ) stood at 5.4 years as at June 30. Meanwhile, 11.2% of its gross rental income is due for renewal this year, of which around 78% is under advanced negotiations. UI Boustead REIT&rsquo s top 10 tenants contributed approximately 47% of its NPI. In addition, 65.9% of its tenants were from the high-tech, value-add and innovative sectors. On the capital management front, UI Boustead REIT&rsquo s aggregate leverage was at 36.4% with all-in cost of debt of 2.5% per annum. 67% of its debt are on fixed rate with weighted average debt maturity of 3.9 years. At the same time, interest coverage ratio remained at 5.0 times. &ldquo Looking ahead, the protracted Middle East conflict has led to significant global economic and inflationary pressures, increasing foreign exchange and interest rate volatility. Nonetheless, we remain highly committed to delivering results in line with the Forecast to maintain the stability and resilience of income streams for Unitholders,&rdquo says Tan Shu Lin, CEO of the manager. Units of UI Boustead REIT closed 0.5 cents higher, or 0.6% up at 84 cents on July 27. |
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prophetjul
Master |
28-Jul-2026 09:07
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Is there diividend expected for this H1? | ||||
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Alignment
Elite |
26-Jul-2026 00:35
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Agree. There is always risk in an investment. The question is whether the potential reward is worth the perceived risk. In my comparison between UIB and Centurion REIT both are relatively new which is why I think the price discrepancy is unwarranted. Also, UIB may be a new IPO, but its manager is a well known quantity at least (although perhaps this is not appreciated by Singaporean retail investors). Macquarie is a very big asset manager, with much more of a track record in managing funds like REITs than I think any other REIT manager on SGX. Macquarie' s AUM is bigger than Capitaland and Mapletree combined.
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chengwh1
Elite |
24-Jul-2026 14:38
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This the the risk we are taking : in a new IPO. I am looking for values now in newly-listed companies, since my portfolio has all the ' old ctrs' ,....... | ||||
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prophetjul
Master |
24-Jul-2026 08:28
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It' s a new IPO. No track record. We will see after a year or 2 for their performance. | ||||
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Alignment
Elite |
24-Jul-2026 05:13
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As I said before, I think UIB' s share price should be in the same ballpark as Centurion REIT' s, which is currently at $1.16
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chengwh1
Elite |
23-Jul-2026 13:02
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You are watching too, brother,... yeah, it' s been rising by 1c and 0.5c in the last few days. Coming reporting on Monday next week.
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Alignment
Elite |
23-Jul-2026 10:01
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Looks like the wider market beginning to see how undervalued this REIT is compared to its peers. | ||||
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Joelton
Supreme |
14-Jul-2026 11:41
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UI Boustead REIT and JustCo among top 10 SEA IPOs as region more than doubles proceeds y-o-y for 1H2026: Deloitte report A bumper 1H2026 saw Southeast Asia more than double its IPO proceeds to US$3.07 billion from US$1.41 billion in 1H2025, with IPO market capitalisation reaching US$15.07 billion, up from US$7.7 billion, according to Deloitte&rsquo s Southeast Asia Mid-Year IPO Snapshot 2026. Singapore has two out of the top 10 in proceeds raised, with UI Boustead REIT leading the region with US$754 million raised while JustCo Holdings raised US$78 million. The former, along with Malaysia&rsquo s Sunway Healthcare Holdings and Vietnam&rsquo s Dien May Xanh Investment, comprise the three &ldquo blockbuster&rdquo IPOs which raised more than US$500 million in 1H2026. In contrast to 1H2025, there were no IPOs that raised more than US$500 million. Deloitte suggests that the three &ldquo blockbuster&rdquo IPOs this year suggest a shift towards quality from quantity. The total number of IPOs decreased by six y-o-y to 47, with the average IPO size growing by 140% to US$65 million from US$26 million. Deloitte capital markets services leader for Southeast Asia and Singapore Tay Hwee Ling says that the region&rsquo s IPO market performance was &ldquo resilient&rdquo and reflected a &ldquo broader&rdquo structural shift characterised by a clear divergence between deal volume and capital raised in which there were less IPOs, but higher amount of funds raised. The way she sees it, despite an improving IPO pipeline across Southeast Asia, market execution is expected to remain selective in the second half of 2026. &ldquo Global macroeconomic uncertainties and heightened investor scrutiny of valuations and aftermarket performance are likely to continue influencing the timing and success of IPO launches,&rdquo she explains. &ldquo Nevertheless, companies with strong fundamentals, clear growth strategies and appropriate pricing are expected to continue attracting investor interest.&rdquo In terms of IPO market capitalisation, Sunway Healthcare (US4.13 billion), Dien May Xanh (US$3.87 billion) and Vietnam&rsquo s LPBank Securities (US$1.61 billion) led the way. There were three IPOs with market capitalisation of more than US$1 billion in 1H2026, the same number as the previous corresponding period. With 36 IPOs that raised US$1.34 billion, Malaysia retained its position as the top-performing country for two consecutive first-half periods for these two metrics. Vietnam, with IPO market capitalisation of US$6.93 billion overtook Malaysia (US$6.51 billion) in this metric. Meanwhile, Singapore overtook Indonesia in all three metrics, signaling growing investor confidence and strong endorsement of its market reforms, according to the report. The Lion City had a total of five IPOs which raised US$868 million which accounted for 28% of all IPO proceeds in Southeast Asia. Tay expects Singapore to remain well positioned for larger, institutional-quality listings, but notes that successful execution will continue to depend on valuation alignment and sustained investor demand. The island-state has continued its momentum in 2H2026, with Temasek-backed Foundation Healthcare raising around US$240 million in July and upcoming listings by logistics firm All-Link Air & Sea, electrical infrastructure provider EGP Energy Corporation and data centre operator AirTrunk. |
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chengwh1
Elite |
30-Jun-2026 16:07
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Dropping below 80c now,... 44 trades,... mkt is getting jittery with this REIT,.........
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Alignment
Elite |
28-Jun-2026 17:16
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I think your worries are premature. If you include the prefs for everyone to ensure a like for like comparison, UIB' s gearing level would be way below the average SREIT gearing level and represents an opportunity either to push up DPU, or alternatively achieve an already high DPU yield at a lower level of risk. | ||||
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chengwh1
Elite |
21-Jun-2026 16:25
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If this REIT gears-up too much, it may need to sell properties to pay down some debts later if the cap rates of its property rises. The gearing ratio is now at 37.9%. | ||||
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Alignment
Elite |
20-Jun-2026 22:35
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Amova buying more shares presumably seeing a lot of value. All SIngaporeans would benefit if they are right if they are using that sweet EQDP money | ||||
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