Completed and operating
Commissioned in 2017 and 2021, the two buildings provide an existing operating foundation. Initial construction and completion have already taken place.
ASTANA, KAZAKHSTANPROPERTY OPPORTUNITY / 2026
TWO BUILDINGS. ONE OPPORTUNITY.
THE SQUARE& THE SQUARE V
12,358.3 m²combined building area
KZT 798.96m (≈ USD 1.81m)reported 2024 portfolio income
100% rentedTHE SQUARE V · owner update, Sep 2026
USD 18mindicative acquisition amount
01WHY THESE ASSETS
AN OPERATING FOUNDATIONReal estate in use.
A foundation to build on.
THE SQUARE and THE SQUARE V bring together completed commercial properties, established operations and reported income. The proposed next step is to structure participation through Kazakhstan’s digital financial asset framework.
An income history
Reported rental and hotel income gives partners a financial starting point for assessing the investment case.
A fully rented hospital building
THE SQUARE V is primarily used as a hospital and is 100% rented, according to the project owner’s September 2026 update.
Several income sources
Property rent and hotel income can be assessed separately, with distinct operating drivers across the portfolio.
A defined acquisition package
Two identified buildings, associated land and supporting infrastructure give the proposed transaction a concrete scope.
02THE ORIGINAL ADDRESS
TURAN AVENUE 46/1
OFFICES · HOTEL · COMMERCIAL SPACETHE
THE
SQUARE.
A multi-use address with an established income history.
Office floors, 19 hotel rooms and spaces for dining and conferences bring several uses together within one commercial building.
7,952.5 m²building area
2017commissioned
19 roomshotel accommodation
24 spacessurface parking
FLEXIBLE OFFICE SPACE
Offices from 32 m², with combinations up to 630 m² per floor.
MORE THAN OFFICES
A 290.7 m² café, restaurant, 265 m² conference hall divided into four rooms, and a four-bay car wash.
VERTICAL ACCESS
Ten floors, plus basement and technical level as described. Two passenger lifts and one freight lift.
03THE COMPLEMENTARY PROPERTY
TURAN AVENUE 46/2HOSPITAL · FULLY RENTEDTHE
THE
SQUARE V.
A hospital building. Fully rented.
Primarily used as a hospital, THE SQUARE V is 100% rented. The six-floor building includes basement storage and underground parking, across the shared inner courtyard from THE SQUARE.
4,405.8 m²building area
2021commissioned
100%rented
40 spaces26 underground + 14 surface
HOSPITAL USE
Hospital use is the building’s principal activity.
EVERYDAY FUNCTIONALITY
Six floors, seven basement storage units and parking within the building.
CONNECTED OPERATIONS
Heating and electricity supplied through THE SQUARE’s supporting infrastructure.
04THE OPERATING PORTFOLIO
NURA DISTRICT · ASTANATwo properties.
Connected by more
than location.
The buildings combine office, hospital rental and hotel income with shared power and heating infrastructure. Together, they form one proposed acquisition package.
12,358.3 m²combined building area
0.6335 hacombined land, including transformer parcel
5 liftsthree passenger + two freight
Power & resilience
A shared transformer at Turan 46/3, with stated capacity of 1,776 kW, plus a 320 kW backup diesel generator.
Shared heating
A 1,600 kW gas boiler plant and 1,600 kW backup diesel boiler plant support the operating package.
Building operations
Ventilation and air conditioning, fire-protection systems, two fire staircases per building, and 24-hour security with CCTV.
Building areas, land, facilities and capacities are stated in the supplied property description.
05THE INCOME STORY
RENTAL & HOTEL INCOMEReal buildings.
Reported income.
An income history to build the investment case around. Two rental streams and hotel income provide a starting point for assessing the cash flow available to support a structured investment.
2024 REPORTED INCOME798.96m KZT(≈ USD 1.81m)
Across three reported income streams.
84.7%
of 2024 income from property rent
THE SQUARE rentHotel incomeTHE SQUARE V rent
The 2025 forecast implies 3.36% growth over reported 2024 income.
View the income breakdown
| Income stream | 2024Reported | 2025Forecast |
|---|---|---|
| THE SQUARE rent | 351.38 (≈ USD 795k) | 436.65 (≈ USD 988k) |
| Hotel income | 122.28 (≈ USD 277k) | 64.08 (≈ USD 145k) |
| THE SQUARE V rent | 325.30 (≈ USD 736k) | 325.07 (≈ USD 736k) |
| Combined income | 798.96 (≈ USD 1.81m) | 825.80 (≈ USD 1.87m) |
Amounts are in millions of Kazakh tenge (KZT). The schedule covers 2024, January–April 2025 and a separate 2025 forecast. These are reported income figures, not investor distributions. Expenses, tax, maintenance, reserves and fees affect distributable cash flow. The USD acquisition amount also creates currency exposure. Rounded USD equivalents use the National Bank of Kazakhstan rate of KZT 441.88 per USD on 28 September 2026. They are indicative comparisons, not historical USD receipts.
06WHAT TOKENIZATION CAN ADD
PROPOSED BENEFITSA substantial asset.
More ways to participate.
Real-world asset (RWA) tokenization would represent defined investment rights digitally. The aim is to make participation and administration more accessible around an operating property portfolio.
01Access
Smaller investment allocations
Structure participation in a substantial property portfolio through smaller investment units, subject to eligibility and final terms.
02Rights
Consistent investment terms
Define income entitlements, reporting and relevant governance rights within a common issuance framework.
03Administration
A clearer digital record
Support holder records, eligibility checks and distribution calculations, with an auditable record of transactions.
04Transfers
A potential route to transfer
Enable permitted transfers through selected infrastructure, subject to applicable restrictions and available buyers.
The commercial objective is broader eligible investor access and efficient administration, with benefits that justify the cost of issuance and ongoing operation.
These are proposed design objectives. Final documents define enforceable rights; holding a token does not itself register the holder as a landowner. Returns and resale liquidity are not guaranteed.
07WHY KAZAKHSTAN, WHY NOW
A FRAMEWORK FOR DEVELOPMENTA new framework.
A concrete next step.
Kazakhstan’s 2026 reforms establish a national framework for digital financial assets, including tokenized real assets. A local real-estate pilot adds practical context for developing this opportunity.
The legal foundation
Legislative amendments introduced a revised framework covering digital financial assets, including tokenized real and material assets.
National Bank overview (opens in a new tab)A local property pilot
The National Bank announced a commercial real-estate tokenization pilot through Apartchain within its regulatory sandbox.
Official pilot announcement (opens in a new tab)The framework takes effect
The national regime took effect, with registration requirements for digital financial asset and trading platform operators.
Framework in force (opens in a new tab)This creates a basis for developing the project. It does not constitute approval of this particular issuance.
Read the regulatory background
Architectural visualization08THE ACQUISITION OPPORTUNITY
One portfolio.
A shared ambition.
A proposed acquisition of both buildings, their associated land and supporting infrastructure.
INDICATIVE ACQUISITION AMOUNTUS$18million USD
Planning assumption · not an agreed price or valuation
A project company would acquire and hold the portfolio. Funding would cover the purchase, transaction costs, initial works and an operating reserve.
Property income would support operations, maintenance and reserves, with net distributions governed by the investment terms.
09THE PARTNERSHIP OPPORTUNITY
PROPERTY · INVESTMENT · INFRASTRUCTUREHelp shape the next
chapter in Astana.
We are seeking investment, structuring and infrastructure partners to develop an operating-property RWA project around THE SQUARE and THE SQUARE V.
Investment & asset managementLegal & issuance structuringPlatform, custody & servicing
Read the partnership brief
An operating-property RWA opportunity
The proposed acquisition brings together 12,358.3 m² across two Astana buildings. The supplied schedule reports KZT 798.96 million (≈ USD 1.81m) of income in 2024; THE SQUARE V is primarily a hospital building and 100% rented, as confirmed by the owner in September 2026. The indicative acquisition amount is USD 18 million.
The partnership objective is to develop an investment structure that connects the property’s economics with defined investor rights, suitable regulated infrastructure and reliable ongoing administration. Initial discussions can focus on investment alignment, structuring capabilities and platform or servicing fit.
For preliminary cooperation discussions. Income is not net investor return. Acquisition and tokenization remain proposed; this is not an investment offer.
THE SQUARE & THE SQUARE VBack to the overview