Boustead Singapore

[EnSabahNur]

https://boustead.sg/sites/boustead.sg/fi...IB%201.pdf

Hong Kong and Singapore, 12 March 2025 - Unified Industrial (UI) and Boustead Projects Limited (BPL)’s real estate business, under SGX
Mainboard-listed Boustead Singapore Limited, today announced the formation of a vertically-integrated Pan-Asian logistics real estate
development, investment and fund management platform called UIB.

The transaction brings together the capabilities of the two businesses across acquisition, development, leasing, and asset management,
combining UI’s established North Asia presence with BPL’s Southeast Asian business to cover key markets across Asia.

Operating under the new name UIB, the platform will target real estate opportunities in high growth sectors, particularly in logistics and data
centres, both of which are experiencing growing demand driven by e-commerce, digitisation and regional supply chain realignment in the
Pan-Asia region.

With a broader geographic footprint and expanded expertise, serving a larger base of institutional investors, tenant network and strategic
partners, UIB will have US$3.5 billion of assets under management across Japan, China, Singapore and Vietnam. The creation of UIB will also
drive strategic synergies important for long term value creation within the business.
“Today’s announcement reflects a shared ambition to create a leading logistics and industrial real estate franchise in Asia, leveraging the
established brands of UI and BPL in their respective markets,” said Josh Olsan, Chief Executive Officer and Founder of UI. “UIB will bring
differentiated origination capabilities and critical know-how that strengthens our ability to serve institutional investors and unlock value.”

Wong Yu Wei, Deputy Chairman of BPL added, “Boustead Projects has been on the lookout for suitable opportunities to scale up our real
estate and fund management business. The creation of UIB allows us to combine forces as partners and ramp up the business, integrating
our respective capabilities to further expand across key Asian markets. Leveraging our joint expertise in the industrial space across multiple
sectors and regions, and with access to new capital, we are better able to pursue larger strategic opportunities and look forward to
establishing an enlarged presence in the fund management business space.”

The creation of UIB continues the successful growth of UI following the investment by Macquarie Asset Management’s flagship real estate
opportunistic fund series Macquarie Real Estate Partners (MREP), in 2021.
James Kemp, Head of Real Estate, Asia Pacific at Macquarie Asset Management and the Chairman of UIB commented: “We are pleased to be
able to bring together UI and BPL. Our investment in UI followed our strategy of identifying real estate capability in sectors and markets in
which we have strong conviction and then working to institutionalise and grow those businesses. This transaction continues this approach.

“UI has an established and growing business in North Asia and is ready to expand beyond these markets. BPL, with its equivalent development
led real estate capability in Southeast-Asia, is an ideal partner to do this with and we are excited to be participating in this next stage of
growth as UIB.”

To effect the transaction, UI will acquire the economic interest in BPL’s real estate business for scrip in UIB. Final close of the transaction
remains subject to certain closing conditions and references above to UIB’s geographic footprint and assets under management represent
the expected position at final close.”