Al-'Aqar REIT to purchase KPJ carpark for RM13m

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KUALA LUMPUR: AmanahRaya Trustees, on behalf of Al-'Aqar Healthcare REIT, has entered into a sales and purchase agreement with Selangor Specialist Hospital Sdn Bhd (SGSH) to acquire a five-storey car park property for RM13mil cash.

SGSH is a 60%-owned subsidiary of KPJ Healthcare Bhd, which also has a 39.25% indirect stake in Al-'Aqar.

The proposed acquisition will only consist of the car park property, which is located on the same tract of land as the SGSH-operated KPJ Selangor Specialist Hospital.

AmanahRaya Trustees is the owner of the land and had given SGSH approval to erect the five-storey car park block with a half basement level and an open roof level on a vacant part of land.

Upon completion of the acquisition, AmanahRaya will lease the car park to SGSH until the expiry of the existing lease agreement for KPJ Selangor Specialist Hospital on June 29, 2021, with an option to extend. 

"The rationale for the Proposed Acquisition is in line with the investment objective of the Manager for Al-`Aqar to acquire and invest in properties with a view of provide stable and regular distribution of income to Unitholders and achieve long-term growth in the net asset value per unit," said Damansara REIT Managers Sdn Berhad, the management company of Al-'Aqar.