Al-Aqar Healthcare Real Estate Investment Trust

What Al-Aqar Healthcare Real Estate Investment Trust does

Al-Aqar Healthcare Real Estate Investment Trust is a publicly listed Malaysian REIT (KLSE: 5116) that invests in Syariah-compliant healthcare properties. Operating from Selangor, Malaysia, the trust holds a portfolio of real estate assets used for healthcare delivery and leases them to medical operators, with all holdings and business activities screened to comply with Islamic finance principles. The trust is structured as a Shariah-compliant REIT under Malaysian securities regulation, serving both institutional and retail Islamic investors seeking exposure to healthcare real estate yields that satisfy their faith-based investment criteria.

The business model is that of a conventional externally-managed REIT: revenue is generated primarily through rental income from healthcare property tenants, with net income distributed to unitholders after operating expenses, financing costs, and asset management fees. The trust is small in scale, with 11-50 employees reported in the firmographic data, and is single-country, focused exclusively on the Malaysian market. Because Al-Aqar is externally managed and structured as a trust rather than an operating company, its internal team is concentrated on capital allocation, compliance, and Shariah screening rather than direct property operations or tenant service delivery.

The financials provided in the input show multi-year revenue and net income series; however, the absolute values are clearly affected by a unit or currency mislabel (figures in the tens of trillions of dollars are inconsistent with a small-cap Malaysian REIT of this size), so the underlying real amounts likely sit in the tens of millions of MYR range. Net income remains positive across the five reported years, and the revenue trajectory shows a dip in 2024 followed by a 2025 recovery in the reported series, consistent with rental yield and asset revaluation effects rather than a structural shift in scale.

Name

Al-Aqar Healthcare Real Estate Investment Trust

Website

https://alaqar.com.my

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Al-Aqar Healthcare REIT (KLSE: 5116) is a publicly listed Malaysian Shariah-compliant REIT that invests in healthcare real estate and generates rental income from healthcare tenants for Islamic institutional and retail investors.

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Investment Trust (REIT)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Real Estate Investment Trusts (6798), Real Estate (6500)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

akta.pro secondary industry

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

Keywords

• Healthcare REIT
• Shariah-compliant REIT
• Islamic real estate trust
• Healthcare property investment
• Malaysia REIT

Headquarters

HQ city

Selangor

HQ country

Malaysia

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others

Core offering

Al-Aqar Healthcare Real Estate Investment Trust invests in a portfolio of Shariah-compliant (Syariah-compliant) healthcare-related real estate assets in Malaysia. The trust generates revenue primarily through rental and property-related income from its healthcare property holdings. Its units trade on Bursa Malaysia, allowing investors to participate in healthcare real estate exposure through an Islamic investment vehicle.

Differentiator

Problem solved

Functional benefit

Products and services

• Al-Aqar Healthcare REIT Trust Units

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Broad incumbents

• Healthcare Realty Trust: Healthcare Realty Trust is a US-listed healthcare REIT focused on medical outpatient facilities. Comparable as a global healthcare REIT operating peer, useful for portfolio construction and lease structure benchmarking.
• Ventas Inc. Ventas is a major US healthcare REIT with exposure to senior housing, medical office, and life sciences. Comparable as a large-cap healthcare REIT for understanding institutional investor expectations around healthcare real estate.
• Welltower Inc. Welltower is one of the largest global healthcare REITs, focused on senior housing, outpatient medical, and post-acute care. Comparable as a global benchmark for healthcare REIT operating models, though it is much larger and US-domiciled.

Direct peers

• Pavilion REIT: Pavilion REIT is a Malaysian retail-focused REIT listed on Bursa Malaysia. It is a comparable listed REIT operating in the same Malaysian capital markets context, providing a benchmark for unitholder demand and distribution yield expectations.
• Sunway REIT: Sunway REIT is a large diversified Malaysian REIT listed on Bursa Malaysia. It is comparable as a domestic Malaysian peer operating under the same REIT tax regime and serving Malaysian investors, though its portfolio is broader and includes retail and hospitality.
• IGB REIT: IGB REIT is a Malaysian REIT focused on retail and commercial property, listed on Bursa Malaysia. Comparable as a domestic REIT peer operating under the same regulatory and distribution environment, though it lacks Al-Aqar's healthcare focus.
• MRCB-Quill REIT: MRCB-Quill REIT is a smaller Malaysian commercial REIT. It is a relevant scale and asset-class peer operating under identical Bursa Malaysia REIT regulations, useful for understanding small-cap Malaysian REIT trading dynamics.
• KPJ Healthcare REIT (formerly Al-`Aqar): KPJ Healthcare REIT is the renamed/refocused iteration of Al-Aqar itself and operates as a Shariah-compliant healthcare REIT on Bursa Malaysia, owning hospital and healthcare assets leased primarily to KPJ Healthcare Berhad. It is the most directly comparable peer given identical geography, regulatory regime, and asset class.

Regional players

• YTL Hospitality REIT: YTL Hospitality REIT is a Malaysian hospitality and commercial REIT. While focused on hotels rather than healthcare, it is a comparable Bursa Malaysia-listed REIT for capital structure, Shariah-compliance status, and investor base dynamics.
• Sabana Industrial REIT (Singapore): Sabana Industrial REIT is a Singapore-listed REIT previously managed under a Shariah-compliant framework. Comparable as a regional Islamic/Asia REIT peer operating under similar asset-light REIT structures and serving an overlapping regional investor base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/damansara-reit-managers-sdn-berhad

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Al-Aqar Healthcare Real Estate Investment Trust