Al-‘Aqar Healthcare REIT lodges sukuk programmes with combined RM3 bil limit

KUALA LUMPUR, 10 OCTOBER 2026 —

KUALA LUMPUR, Oct 8 (Reuters) – Al‑‘Aqar Healthcare REIT lodged two sukuk programmes with the Securities Commission Malaysia on Thursday, giving the fund a combined issuance ceiling of RM3 billion.

The Islamic notes programme carries a perpetual tenure, while the ICP programme is set for a seven‑year term. The REIT said each individual issuance may be rated or unrated, with the rating decision to be taken before every issue. Proceeds from the sukuk and ICP issuances will be advanced to the REIT to finance investment activities, refinance existing or future Islamic financing, and meet working‑capital and general corporate requirements.

The REIT added that the funds may also be used to refinance maturing sukuk issued under the programmes, to fund the required deposit in the sukuk trustee’s reimbursement account and to pay programme‑related expenses.

Maybank Investment Bank Bhd and OCBC Al‑Amin Bank Bhd were appointed as joint principal advisers and joint lead arrangers, while Maybank Islamic Bhd will act as the shariah adviser for the programmes.

Al‑‘Aqar Healthcare REIT’s units closed at RM1.15 on Thursday, down one sen or 0.9 percent, leaving the REIT with a market capitalisation of RM965.5 million. The unit price has fallen 10.2 percent year‑to‑date.

The filing also noted that the programmes are based on the shariah principle of Wakalah Bi Al‑Istithmar and allow for sustainability‑linked issuances, provided they comply with the relevant guidelines and frameworks.

The REIT’s move comes as Malaysia’s Islamic finance market seeks to deepen its capital‑raising toolkit. By securing a combined RM3 billion ceiling, Al‑‘Aqar positions itself to tap a broader investor base for both medium‑term notes and perpetual sukuk, while the ICP facility offers a shorter‑term financing option.

The perpetual nature of the senior Islamic notes gives the REIT flexibility to manage its debt profile without a fixed maturity, whereas the seven‑year ICP tenor provides a defined repayment horizon.

The involvement of Maybank Investment Bank and OCBC Al‑Amin as joint lead arrangers underscores the importance of regional banking partners in structuring and distributing Islamic debt instruments. Maybank Islamic’s role as shariah adviser ensures compliance with Malaysia’s stringent shariah governance standards, which are critical for investor confidence in sukuk offerings.

Analysts monitoring the REIT sector note that Al‑‘Aqar’s issuance limit, while sizeable, remains within the broader RM10 billion ceiling that the Securities Commission has set for REIT‑related sukuk programmes. The REIT’s ability to refinance existing sukuk and fund working capital could improve its liquidity position and support further acquisitions in the healthcare property space, a segment that has attracted steady demand from both domestic and regional investors.

The REIT’s unit price decline of 10.2 percent year‑to‑date reflects broader market pressures on property‑linked securities, but the new financing facilities may provide a catalyst for future performance if the proceeds are deployed effectively. The REIT indicated that the programmes also permit sustainability‑linked issuances, aligning with growing investor interest in ESG‑compliant Islamic finance products.

The next steps for Al‑‘Aqar involve finalising the terms of each issuance, securing ratings where applicable, and commencing the placement of the sukuk and ICP instruments to qualified investors. The REIT’s management will monitor market conditions to determine the timing and size of each tranche, with the aim of supporting its investment pipeline and maintaining a balanced capital structure.