Thursday, March 2, 2017

Malaysian REITs (Part 2: Al-‘Aqar Healthcare REIT)

Al-‘Aqar Healthcare REIT (ALAQAR, 5116)
Company Profile:
Al-‘Aqar Healthcare REIT is a Malaysian-based real estate and investment trust, established on 28 June 2006 pursuant to the execution of a Trust Deed dated 27 June 2006 between the Manager (“DRMSB”), and the Trustee (“AmanahRaya Trustees Berhad”). It was listed on the Main Board of Bursa Malaysia on 10 August 2006. Al-‘Aqar Healthcare REIT was initially formed to own and invest in Syariah acceptable properties which comprise of KPJ Ampang Puteri Specialist Hospital Building, KPJ Damansara Specialist Hospital Building, KPJ Johor Specialist Hospital Building, KPJ Ipoh Specialist Hospital Building, Puteri Specialist Hospital Building and KPJ Selangor Specialist Hospital Building (collectively the “Properties”).

Second acquisition in year 2008 inclusive of KPJ Perdana Specialist Hospital Building, Kuantan Specialist Hospital Building, Sentosa Medical Centre Building, KPJ Kajang Specialist Hospital and Kedah Medical Centre Building.

Third acquisition completed in 2010 consists of KPJ Seremban Specialist Hospital Building, Taiping Medical Centre Building, Damai Specialist Hospital Building, Bukit Mertajam Specialist Hospital Building, Tawakal Existing Building and KPJ Penang Specialist Hospital Building. Two additional properties are not hospital-related but are complementary to the health tourism industry, namely Selesa Tower and KPJ International College.

At the Extraordinary General Meeting dated 17 December 2010, the unitholders of Al-‘Aqar Healthcare REIT approved on the proposed acquisition of Bandar Baru Klang Specialist Hospital Building, Kluang Utama Specialist Hospital Building and two (2) hospital building in Indonesia namely Rumah Sakit Medika Permata Hijau and Rumah Sakit Bumi Serpong Damai located in Jakarta. Both acquisitions of property in Indonesia has been acquired by a Special Purpose Companies i.e. Crossborder Aim (M) Sdn Bhd and Crossborder Hall (M) Sdn Bhd. The 4th acquisition exercise was completed in year 2012.

Another significant acquisition exercise for Al-‘Aqar that took place on 19 August 2011 via proposed acquisition of Jeta Gardens Aged Care Facility and Jeta Gardens Retirement Village from Jeta Gardens Waterford Trust via Al-‘Aqar Australia Pty Ltd as the Special Purpose Company.  Together with the agenda of proposed acquisition of Jeta Garden, the unitholders of Al-‘Aqar in the Extraordinary General Meeting approved the change of name of the fund from Al-‘Aqar KPJ REIT to Al-‘Aqar Healthcare REIT. This is to better reflect the current business strategy of Al-‘Aqar and its group of companies.

Investment Objective:
The key objective for Al-'Aqar Healthcare REIT is to provide Unitholders with stable distributions per Unit with the potential for sustainable long term growth of such distributions and the Net Asset Value per Unit.

Investment Strategy:
The principal strategies shall be in accordance to Syariah and shall include:
  •  Managing the Properties effectively;
  • Maintaining net property income;
  • Maximizing the return and performance of each Properties and their growth via enhancements to the Properties;
  • Raising the profile of the Properties;
  • Acquiring property assets with good yield and growth potential both locally and abroad that meet the Manager's investment criteria; and
  • Employing an optimum capital structure with appropriate debt and equity financing strategies.


Property Portfolio:
Hospital & Medical Centre:
Property
Information
KPJ Ampang Puteri Specialist Hospital
Common:
A purpose built private hospital comprising a seven (7) storey main building (NCB Block), an annexed five (5) storey specialist centre (PCB Block) both are with a common lower ground floor.

Address:
No. 1, Jalan Mamanda 9, Taman Dato’ Ahmad Razali, 68000 Ampang, Selangor Darul Ehsan.
Damai Specialist Hospital
Common:
A five (5) storey purpose built private specialist hospital building.

Address:
Lorong Pokok Tepus 1, Off Jalan Damai, 88300 Kota Kinabalu, Sabah.
KPJ Damansara Specialist Hospital
Common:
A six (6) storey purpose built hospital building with a basement level (inclusive of approximately one and a half (1½) levels of shell floors) together with open car park.

Address:
No. 119, Jalan SS 20/10, Damansara Utama, 47400 Petaling Jaya, Selangor.
KPJ Ipoh Specialist Hospital
Common:
A purpose built private specialist hospital comprising three (3) to four (4) storey building (Old Wing) annexed to a five (5) storey building with a basement (New Wing).

Address:
No. 26, Jalan Raja DiHilir, 30350 Ipoh, Perak.
KPJ Johor Specialist Hospital
Common:
A six (6) level with mezzanine floor main hospital building, a four (4) level physician consulting building together with two (2) level basement car parks and open car parks.

Address:
No. 39-B, Jalan Abdul Samad, 80100 Johor Bahru, Johor Darul Takzim.
KPJ Kajang Specialist Hospital
Common:
A seven (7) storey purpose built private specialist hospital.

Address:
Jalan Cheras, 43000 Kajang, Selangor Darul Ehsan.
Kedah Medical Centre
Common:
A ten (10) storey purpose built private specialist hospital (inclusive of one (1) shell floor) with a three (3) storey annexe block.

Address:
Pumpong, 05250 Alor Setar, Kedah Darul Aman.
Kuantan Specialist Hospital
Common:
A purpose built private specialist hospital [comprising three (3) storey Block A and a five (5) storey annexe Block B] and an open car park.

Address:
No. 51 Jalan Alor Akar, Taman Kuantan, 25250 Kuantan, Pahang.
KPJ Penang Specialist Hospital
Common:
A five (5) storey main hospital building.

Address:
No. 570, Jalan Perda Utama, Bandar Perda, 14000 Bukit Mertajam, Pulau Pinang.
KPJ Perdana Specialist Hospital
Common:
A five(5) storey purpose built private specialist hospital with a sub-basement.

Address:
No. PT 37 and PT 600, Jalan Bayam, Section 14, 15200 Kota Bharu, Kelantan.
Puteri Specialist Hospital
Common:
A six (6) storey purpose built private hospital building.

Address:
No. 33, Jalan Tun Abdul Razak (Susur 5), 80350 Johor Bahru, Johor Darul Takzim.
KPJ Selangor Specialist Hospital
Common:
A six (6) storey main specialist centre building together with a basement and six storey car park block together with a basement.

Address:
Lot 1, Jalan Singa 20/1, Section 20, 40300 Shah Alam, Selangor Darul Ehsan.
Sentosa Medical Centre
Common:
A seven (7) storey purpose private specialist hospital.

Address:
No. 36 Jalan Chemur Damai Complex, 50400 Kuala Lumpur.
KPJ Seremban Specialist Hospital
Common:
A purpose-built private specialist hospital comprising of a five (5) storey hospital building with a basement level. (EB)
A parcel of commercial land with the specific use for private hospital. (VL)

Address:
Lot 6219 & 6220, Jalan Toman 1, Kemayan Square, 70200 Seremban, Negeri Sembilan.
Taiping Medical Centre
Common:
A purpose-built private specialist hospital building comprising a four (4) storey main hospital building.

Address:
No. 39, 41, 43, 45, 47 & 49, Jalan Medan Taiping 2, Medan Taiping, 34000 Taiping, Perak.
Tawakkal Health Centre
Common:
Renovated four (4) storey shop office building.

Address:
No. 202A, Jalan Pahang, 53200 Kuala Lumpur.
KPJ Tawakkal Specialist Centre
Common:
A seven (7) storey purpose built specialist hospital with a single storey podium as the main lobby and a three (3) level elevated car park.

Address:
No-1 Jalan Pahang Barat/Jalan Sarikei, 53000 Kuala Lumpur.
KPJ Klang Specialist Centre
Common:
A purpose built private hospital comprising a six (6) storey main building with building with two (2) levels of basement car park

Address:
No. 102, Persiaran Rajawati / KU 1, Bandar Baru Klang, 41150 Klang, Selangor Darul Ehsan.
Kluang Utama Specialist Centre
Common:
6 units of 3 storey renovated shophouses which have been amalgamated, remodelled and converted into a medical specialist hospital.

Address:
No. 1,3,5,7,9,11 Susur 1, Jalan Besar, 86000 Kluang, Johor Darul Takzim.

Others:
Property
Information
Nursing College
KPJ Healthcare University College
Common:
A private nursing and health sciences college comprising an administrative and academic block, a block of students' hostel block and car parks.

Address:
PT 17010, Persiaran Seriemas, Kota Seriemas, 71800 Nilai, Negeri Sembilan.
KPJ College, Penang
Common:
A six (6) storey purpose built private specialist hospital building known as "Bukit Mertajam Specialist Hospital" and two (2) parcels of development land.

Address:
No. 565, Jalan Sungai Rambai, 14000 Bukit Mertajam, Pulau Pinang.
Commercial
Selesa Tower (KPJ College, Johor)
Common:
A four (4) star rating hotel known as Hotel Selesa and ofice block known as Metropolis Tower (Selesa Hotel) together with basement/elevated car parks.

Address:
Hotel Selesa and Metropolis Tower (Selesa Tower), Jalan Dato' Abdullah Tahir/ Jalan Tebrau, 80300 Johor Bahru, Johor.
Rumah Sakit Medika Bumi Serpong Damai
Common:
A parcel of commercial land erected with a six (6) storey purpose built private specialist hospital building with a basement level.

Address:
Rumah Sakit Medika Serpong Damai, Jalan Letkol III - IA/07, Serpong District, Tangerang, Banten Province, Indonesia.
Other:
Jeta Gardens Aged Care & Retirement Village
Common:
Three (3) contiguous parcels of residential land erected with two (2) storey aged care buliding comprising 106 rooms (108-beds) aged care facility, 23 units of independent villas and 32 independent living apartments units.

Address:
Jeta Gardens, Aged Care and Retirement Village, 27 Clarendon Avenue, Bethania and 86 Albert Street, Waterford, Queensland, 4205 Australia.

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