See: Boustead Projects establishes Boustead Industrial Fund
The fund is a private business trust that is set up to invest and manage investments in business parks and industrial and logistics properties. Boustead Projects will hold an initial 25% stake in the fund through the subscription of units and notes issued, along with other initial investors including AP SG 21 Pte Ltd and Metro Holdings.
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Ong’s revised target price is now based on a 30% discount to his FY2021F revalued net asset value (RNAV) estimate of $1.89 per share (previously 50%).