Advising Intertrust (Singapore) Ltd (as Notes Trustee) in relation to an issue of up to S$236,000,000 in 7% Notes in Boustead Industrial Fund

The Corporate and Financial Services Practice Group of Harry Elias Partnership LLP advised Intertrust (Singapore) Ltd. (acting as trustee for the Noteholders as well as Principal Paying Agent, Transfer Agent and Registrar) in relation to an issue by Perpetual (Asia) Limited (in its capacity as trustee of Boustead Industrial Fund) (“Fund Trustee”) of up to S$236,000,000 in aggregate principal amount of 7.0 per cent. Notes due 2031 in Boustead Industrial Fund (“Notes”). 

The subscription agreement for the Notes was entered into on 31 December 2020 amongst (i) the Fund Trustee (as issuer of the Notes), (ii) Boustead Industrial Fund Management Pte Ltd (as manager), (iii) United Overseas Bank Limited (as Lead Manager), (iv) Boustead Projects Limited (as sponsor), and (v) 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.

Derick Ting (Partner) and Yu Yitian (Senior Associate) advised on the transaction.