Mongolian property developer aims for London float

 
William Turvill
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Ulaanbaatar is the capital of Mongolia (Source: Getty)

A Mongolian property developer is plotting a flotation on the London Stock Exchange’s junior market.

Asia Pacific Investment Partners this morning announced its intention to float on the Alternative Investment Market (Aim) next month.

The group claims to be one of “a few Mongolian real estate developers able to effectively access both international and domestic buyers”. It has sales offices in London, Hong Kong and Singapore.

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The company was founded in 2001 by Lee Cashell, chairman and chief executive, and his wife, Tsendsuren Bordukh.

“We have spent the last 15 years in the Mongolian market building what we believe is the country's only vertically integrated property development company, and we believe the group is now well positioned to capitalise on the strong growth opportunities of the Mongolian economy,” said Cashell.

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“Our research driven model provides us the insights necessary to take advantage of future opportunities in frontier markets.

“This IPO will allow us to accelerate the company's growth momentum by providing additional funding for our real estate and other businesses.”

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