Hektar Real Estate Investment Trust has received Bursa Malaysia Securities Bhd approval to list and quote up to 42,075,256 consideration units, moving its proposed RM125 million acquisition and leaseback of KYS KL East International School another step forward. The story sits on the deal track because it is an income-property acquisition, not a new residential launch.
What Bursa approved
According to EdgeProp, citing Hektar REIT's Bursa Malaysia filing, Bursa's approval covers the listing and quotation of up to 42,075,256 consideration units. The units form part of the payment structure for the proposed acquisition of KYS College Sdn Bhd's leasehold interest in the school property in Mukim Setapak, Kuala Lumpur.
The reported purchase consideration is RM125 million, split into RM106.55 million cash and RM18.45 million through new units. On that unit component, the implied issue value is about 43.85 sen per consideration unit, calculated by dividing RM18.45 million by the maximum 42,075,256 units.
Leaseback structure
The asset is KYS KL East International School. Upon completion, Hektar REIT is expected to lease the property back to the vendor, allowing the school to continue operating. That leaseback point is central: the REIT is buying an operating education property with an income arrangement, not vacant land for redevelopment.
For readers comparing the surrounding residential and mixed-use market, Rummah's Setapak property for sale page gives a live view of local asking inventory. The REIT transaction itself should be read separately from residential pricing, because the asset type, leasehold interest and tenant covenant are different from ordinary strata or landed homes.
Conditions still matter
Bursa's approval is conditional. EdgeProp reported that the conditions include compliance with the minimum 25% public unitholding spread, adherence to Main Market Listing Requirements, submission of certified true copies of unitholder resolutions approving the acquisition and lease, notification after completion, and written confirmation that approval conditions have been met.
- The headline consideration is RM125 million.
- The cash portion is RM106.55 million.
- The unit portion is RM18.45 million, through up to 42.08 million units.
- The property remains an operating school under the proposed leaseback.
The next checkpoint is unitholder approval and completion confirmation. Until then, the Bursa approval is a financing and listing step, not the final transfer of the asset.
