The freehold land parcels were acquired together with buildings erected thereon for MYR77.8 million from Puteri Nursing College. Plans of the acquisition was first announced in October 2014.
Buildings on the land parcels are namely an academic block with two electrical substations and a hostel block with a refuse storage chamber. The 8-storey academic block has a maximum capacity of 2,500 students while the 11-storey hostel black can accommodate up to a maximum of 1,020 students.
The facilities will be leased back to Puteri Nursing College although no details on the lease agreement is yet available.
Units of Al-Aqar REIT are currently listed on the Bursa Malaysia at MYR1.29.