Boustead in tie-up with Abu Dhabi for S'pore jobs

MAINBOARD-LISTED Boustead Singapore, via wholly owned unit Boustead Projects, has entered into a S$250 million co-investment partnership with Emirates-based sovereign wealth fund, the Abu Dhabi Investment Council (Adic).

The Boustead Development Partnership (BDP) will develop and redevelop modern logistics and high quality industrial facilities in Singapore and will also be the proposed investor for Boustead Projects' future design-build-and-lease projects, development projects and redevelopment projects in the industrial property market that meet its specified investment requirements.

Boustead and Adic will each contribute an equity of S$125 million to the BDP which, with leverage, is expected to allow for an initial investment target in excess of S$600 million.