Singapore-based Boustead Projects has set up a new industrial fund and has seeded the vehicle with interests in 14 properties.
The total market valuation of these properties is S$511.3 million ($384 million) and their envisaged total consideration is S$519.9 million ($390 million).
The new vehicle, known as Boustead Industrial Fund (BIF), collected S$328.4 million ($246 million), which will enable the Boustead projects group to recycle capital toward strategic plans.
Some S$95.8 million ($72 million) was spent to discharge bank loans and existing encumbrances on the properties transferred to BIF; S$72.7 million ($54.6 million) was spent on the proposed subscription; and S$20.5 million ($25.4 million) was allocated for other agreed costs. The company intends to use the remaining balance of S$139.4 million ($104 million) to pursue its growth strategies and expand its businesses in Singapore and overseas.
Boustead said it is planning to accelerate its intern
