KASE held the Issuer Day with Marden Property
On September 9, the Kazakhstan Stock Exchange held the Issuer Day with the management of Marden Property, a leading commercial real estate company in Kazakhstan, managing over 700,000 m2 and 81 properties across the Kazakhstan.
Marden Property's management spoke about a new stage of development - issue of bonds on KASE, as well as about plans to create Kazakhstan's first REIT, a real estate investment trust that allows investors to invest into commercial or residential real estate.
Marden Property founder Zhuldyz Kakenov noted that to achieve these goals, the company registered a $100 million bond program with the Republic of Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) and carried out extensive preparatory work. He emphasized that the REIT format has long been established worldwide as a reliable and in-demand instrument. The company plans to build a portfolio of 15-20 properties, fully structure the trust and launch an IPO within two years.
Sanzhar Ospanov, Managing Director of the underwriter Alatau City Invest, noted that when selecting an issuer for placement, a special attention is paid to quality and integrity of the business.
Marden Property has demonstrated nearly 20 years of market experience, transparent financial performance and meticulously calculated risks, which ensures investor confidence. Thanks to the company's support, the issue was denominated in dollars, with a short maturity of two years, monthly coupon payments and an attractive yield.
Marden Property has been undergoing an audit for five years and plans to obtain a credit rating, which will further enhance the business transparency and strengthen the investor confidence.