Malaysian Government-backed Pilgrim Funds Board (Lembaga Tabung Haji) has purchased 98,500 units of Al-Aqar Healthcare REIT at a price of RM1.00 each. This brings the Board's total holdings of units in Al-Aqar REIT to 57,859,856 units.

Al-Aqar REIT is a Malaysia's first and only Shariah compliant healthcare REIT. Photo by Al Aqar REIT

The Pilgrim Funds Board is a statutory body that helps Malaysian Muslims save up for a pilgrimage to Mecca. It regularly invests in Shariah-compliant vehicles to generate returns for depositors. As of 2012 the Pilgims Funds Board manages about RM34.9 billion in assets including RM31.6 billion in pilgrim's deposits.

Al-Aqar REIT is a Healthcare REIT with a portfolio of 25 hospitals and healthcare related properties, including one retirement village in Australia and 2 private hospitals in Indonesia.

Units of Al-'Aqar REIT are currently trading upwards of about 0.75 percent from its previous close at RM1.34 on the Bursa Malaysia.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.