Al-‘Aqar REIT’s Penang College Disposal Becomes Unconditional

Al-‘Aqar Healthcare REIT has confirmed that the sale and purchase agreement (SPA) for the disposal of its KPJ Healthcare College building in Penang has officially become unconditional after all conditions precedent were fulfilled.

In a filing with Bursa Malaysia, the REIT’s principal adviser UOB Kay Hian stated that the final condition precedent under the agreement was satisfied on May 14, 2026, in accordance with the SPA terms.

The disposal involves a purpose-built six-storey educational facility with a basement level that is currently operated as KPJ Healthcare College in Penang. The property is being sold for a total cash consideration of RM12 million.

The transaction has been classified as a non-related party transaction under Chapter 10 of the Listing Requirements. AmanaRaya Trustees Bhd is acting as trustee and vendor on behalf of Al-‘Aqar REIT.

The proposed disposal was initially announced on Dec 4, 2025, followed by an update issued on March 10, 2026.

What I Learned

• Al-‘Aqar REIT has successfully fulfilled all conditions required for the disposal of its Penang educational asset.
• The asset being sold is a specialised healthcare college building linked to KPJ Healthcare College operations.
• The RM12 million disposal reflects ongoing portfolio optimisation efforts within healthcare-focused REITs.
• The transaction is not considered a related-party deal, indicating standard commercial terms under Bursa Malaysia regulations.
• Trustees continue to play an important role in REIT asset transactions, with AmanaRaya Trustees acting on behalf of the REIT.