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Al-Aqar KPJ REITs makes foray into Australia

KUALA LUMPUR: Al-Aqar KPJ REIT, through its wholly owned subsidiary, Al-Aqar Australia Pty Ltd, will be acquiring Jeta Gardens Aged Car Facility and Jeta Gardens Retirement Village, plus a serviced de

20-08-2011

KUALA LUMPUR: Al-Aqar KPJ REIT, through its wholly owned subsidiary, Al-Aqar Australia Pty Ltd, will be acquiring Jeta Gardens Aged Car Facility and Jeta Gardens Retirement Village, plus a serviced development land for RM131.909 million.

With the proposed acquisition, which has received approval from its unitholders, the world’s first listed Islamic healthcare real estate investment trust (REIT) would be marking its presence in Australia, said Al-Aqar in a statement here Friday.

The amount would be satisfied via cash RM65.955 million and issuance of new units in Al-Aqar totalling RM65.655 million at an issue price to be fixed prior to the notice of completion of the exercise.

In line with the acquisition, Al-Aqar KPJ REIT would change its name to Al-Aqar Healthcare REIT to better reflect the current business strategy of Al-Aqar and its group of companies.

Primarily, A1-Aqar owns hospital buildings with a composition of investment worth RM1.27 billion and 580.167 million units listed on the Main Market of Bursa Malaysia.

The REIT’s first tranche involved the injection of six hospital buildings, valued at RM485.8 million, while the second injection involved five buildings valued at RM179.9 million and the third seven hospital buildings, one nursing college and one commercial/hotel tower for RM405.8 million.

Al-Aqar said the proposed acquisition is expected to be completed in the fourth quarter of this year.

Once completed, it will bring under its wings a total of 25 properties with 22 in Malaysia, two in Indonesia and one in Australia.

The proposed acquisition, once completed, would also see its total assets enlarged to a value of more than RM1.4 billion. Bernama







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