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IHH Healthcare associate Parkway Life REIT to expand into third key market

KUALA LUMPUR (June 21): IHH Healthcare Bhd’s indirect 35.25%-owned associate Parkway Life Real Estate Investment Trust (Parkway Life REIT), which already has a foothold in two key markets in Singapore and Japan, plans to build a third key market which can enhance the property trust’s growth in the mid to long term, according to Parkway Life REIT’s manager Parkway Trust Management Ltd.

Parkway Trust said in its latest investor presentation slides that Parkway Life REIT will proactively engage in and foster multiple partnerships with strategically aligned parties for collaborative growth and expansion.

Parkway Trust, however, did not say which third key market Parkway Life REIT is planning to expand into.

According to Parkway Life REIT’s website, the property trust claims it is one of Asia's largest listed healthcare REITs. 

"Parkway Life REIT, which invests in income-producing real estate and real estate-related assets used primarily for healthcare and healthcare-related purposes, already owns properties in Singapore, Japan and Malaysia,” Parkway Trust said on the website.

"As at March 31, 2021, Parkway Life REIT's total portfolio size stands at 53 properties totalling approximately S$1.99 billion (about RM6.13 billion),” Parkway Trust said.

In Malaysia, Parkway Trust said Parkway Life REIT owns the MOB Specialist Clinics along Jalan Ampang here.

In Singapore, Parkway Life REIT owns the Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital, according to Parkway Trust.

Within Japan, Parkway Life REIT owns, among others, the Sawayaka Sakurakan nursing home in Akita prefecture and Senior Chonaikai Makuhari Kan nursing home within Chiba prefecture, according to Parkway Trust.

Parkway Life REIT’s latest annual report shows that IHH, via Parkway Investments Pte Ltd, owned a 35.25% stake in Parkway Life REIT as at March 1, 2021.

Meanwhile, IHH’s latest annual report indicates that Malaysia’s sovereign wealth fund Khazanah Nasional Bhd, via Pulau Memutik Ventures Sdn Bhd, owned a 26.02% stake in IHH as at March 31, 2021.

On Bursa Malaysia today, IHH’s share price fell 11 sen or 1.88% to RM5.75 at 12:10pm for a market value of about RM50.49 billion. IHH has 8.78 billion issued shares, according to its annual report.

At the Singapore bourse, Parkway Life REIT units were traded up S$0.01 or 0.23% at S$4.40 at 11:57am for a market capitalisation of around S$2.66 billion. Parkway Life REIT has about 605 million issued units, the property trust’s annual report indicated.

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