Boustead Industrial Fund’s S$236 Million Notes Issuance


Harry Elias Partnership LLP advised Intertrust (Singapore) Ltd., trustee for the Noteholders as well as Principal Paying Agent, Transfer Agent and Registrar.

Boustead Projects Limited has entered into a notes subscription agreement dated 31December 2020 with the Perpetual (Asia) Limited (the “Fund Trustee), the Boustead Industrial Fund Management Pte. Ltd., United Overseas Bank Limited, lead manager in respect of the issue of the Notes, and two initial fund investors.

The initial fund investors are AP SG 21, a special purpose vehicle for institutional real estate investors and Metrobilt Construction, an indirect wholly-owned subsidiary of SGX-ST Mainboard-listed Metro Holdings Limited. Boustead Industrial Fund is established as a private trust in Singapore with an investment mandate to invest in, administer and manage certain investments in logistics, business parks and industrial properties.

Under the Notes Subscription Agreement, the Fund Trustee has agreed to issue up to S$236,000,000 in aggregate principal amount of 7.0 per cent. Notes due 2031.

The Notes will be constituted pursuant to a trust deed between the Fund Trustee and Intertrust (Singapore) Ltd., as trustee for the Noteholders. Perpetual (Asia) Limited has also entered into an agency agreement with Intertrust (Singapore) Ltd. in respect of payments on and transfers of the Notes.

Boustead Projects Limited is a leading industrial real estate solutions provider in Singapore, with core engineering expertise in the design-and-build, and development of industrial facilities for multinational corporations and local enterprises.

Intertrust Singapore provides a wide range of services to private and corporate clients who wish to roll out corporate structures in Singapore.

The Harry Elias Partnership LLP team was led by Derick Ting (Picture, Partner) and Yu Yitian (Senior Associate).

Involved fees earner: Derick Ting – Harry Elias Partnership LLP; Yu Yitian – Harry Elias Partnership LLP;

Law Firms: Harry Elias Partnership LLP;

Clients: Intertrust (Singapore) Ltd.;

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Author: Michael Patrini