Al-Aqar KPJ REIT to acquire Australian property for RM134.9m

KUALA LUMPUR: Al-Aqar KPJ REIT plans to acquire Jeta Gardens Aged Care Facility and Jeta Gardens Retirement Village (“Properties”) from Jeta Gardens Waterford Trust for a total purchase price of Australian dollar equivalent to RM134.9 million. The REIT announced this in its filing on Wednesday, Sept 22.

“With the addition of the Properties into its portfolio, Al-'Aqar will diversify its sources of income as well as its tenant base. Al-`Aqar intends to capitalise on its manager’s expertise in successfully managing properties to bring the performance of the properties to an even higher level,” said the REIT. The Properties sit on land measuring 36.5 acres at 27 Clarendon Avenue, Bethania and 86 Albert Street, Waterford, Queensland, Australia.

The addition of these Properties will enlarge the REIT’s total asset value to approximately RM1.4 billion.

The REIT described the Properties as premium, secure, residential estate for older people. Stage 1 of the development consists of 23 villas. Adjoining the villas are 32 serviced apartments in a 2-storey building which is adjacent to a residential aged care facility. The 108 beds aged care facility links to the serviced apartments via a recreation centre.

“All villas and apartments have been ergonomically and aesthetically designed to meet the needs of Asian seniors, with features such as lower bench heights, shower seats and oriental themed art works. In addition, there are 24 acres of gently undulating parkland consisting of a Chinese garden, gazebo, family barbeque area, lake and community vegetable garden,” the REIT explained.

Al-'Aqar KPJ REIT (the Fund) is a Malaysia-based Islamic real estate investment trust. Its principal activity is to invest in Syariah-compliant properties and with the objective of providing unitholders with stable distribution and sustainable long-term growth of such distribution and capital appreciation.