On behalf of the Board of Directors of JLG REIT Managers Sdn Bhd (formerly known as Damansara REIT Managers Sdn Berhad), being the management company of Al-Aqar REIT (“Manager”), UOB Kay Hian (M) Sdn Bhd (formerly known as UOB Kay Hian Securities (M) Sdn Bhd) wishes to announce that the Trustee, for and on behalf of Al-Aqar REIT, had on 4 December 2025 entered into a conditional sale and purchase agreement (“SPA”) with Icon Square Sdn Bhd (“ISSB” or the “Purchaser”), for the disposal of a purpose-built six-storey building with a basement level currently operating as an educational institution known as “KPJ Healthcare College, Penang” together with all fixtures and fittings erected on Lot No. 55 & Lot No. 10093, held under GRN 41544 & GRN 179267 respectively, both situated within Section 5, Town of Bandar Bukit Mertajam, District of Seberang Perai Tengah, State of Pulau Pinang and collectively having a land area of approximately 11,727.87 square metres bearing postal address No. 565, Jalan Sungai Rambai, Bukit Mertajam, 14000 Bukit Mertajam, Pulau Pinang (“Subject Property”) for a total cash consideration of RM12.00 million.

The Subject Property is presently under lease in favour of KPJ Healthcare University Sdn Bhd (formerly known as KPJ Healthcare University College Sdn Bhd) (“Current Lessee”) pursuant to the lease agreement dated 1 August 2025 (“Existing Lease Agreement”) entered into between the Trustee as the lessor, the Manager and the Current Lessee for a lease period of 1 August 2025 until 31 July 2026, with an option to renew for another 1 year, pursuant to the terms and conditions of the Existing Lease Agreement.

In conjunction with the Proposed Disposal, the Vendor shall novate the Existing Lease Agreement in respect of the Subject Property to the Purchaser by way of a deed of novation to be executed between the Trustee, the Manager, the Purchaser and the Current Lessee.  

Further details of the Proposed Disposal are set out in the attachment below.

This announcement is dated 4 December 2025.