Africa Logistics Properties Holdings Limited (ALPH) has officially listed its ALP Industrial Real Estate Investment Trust (ALP REIT) on the Nairobi Securities Exchange (NSE), marking a major milestone for Kenya’s capital markets and industrial real estate sector.
The listing was commemorated during a bell-ringing ceremony at the NSE, with the company announcing the participation of two international investors backing the new investment vehicle.
The United Kingdom government committed $24 million (approximately KSh3.14 billion) through investments from the Private Infrastructure Development Group (PIDG) and the MOBILIST Programme.
First Industrial REIT in East Africa
The ALP REIT, approved by the Capital Markets Authority, is the first industrial real estate investment trust in East Africa and also the first US dollar-denominated security listed and traded on the Nairobi Securities Exchange.
Through the listing, ALPH raised $29.55 million, with the total REIT listing valued at $39.95 million.
The fundraising excludes an additional $5 million commitment from PIDG, which will be invested later as the REIT continues to scale its operations.
According to the company, the presence of international anchor investors helped attract participation from a diverse pool of investors including local and regional institutional investors.
UK Development Finance Support
The UK-backed investment was split between two programmes designed to mobilise private investment into infrastructure and capital markets in emerging economies.
The Private Infrastructure Development Group committed $15 million, investing through its infrastructure development arm InfraCo, while the MOBILIST Programme invested $9 million.
Both institutions acted as cornerstone investors, helping establish credibility and stability for the new asset class.
According to Raghav Gandhi, Chief Executive Officer of Africa Logistics Properties Holdings Limited, the participation of global investors signals strong international confidence in Kenya’s investment environment.
“This milestone underscores Kenya’s growing capital markets maturity and the increasing attractiveness of industrial real estate as a sustainable investment class,” Gandhi said.
“The participation of PIDG and MOBILIST demonstrates strong international confidence in Kenya and will accelerate industrial development, driving economic growth, job creation and sustainable infrastructure.”
Expanding the REIT Model in Kenya
PIDG has previously supported the development of REIT structures in Kenya’s affordable housing sector, and the ALP REIT expands the model into the industrial property market.
According to Claire Jarratt, Head of Investment Management for InfraCo at the Private Infrastructure Development Group, the REIT structure plays an important role in mobilising private capital for infrastructure development.
“Today’s listing marks a further milestone for the instrument in the East African market and is an endorsement of ALPH’s strong governance and the sustainability of the business,” Jarratt said.
Meanwhile Ross Ferguson, Programme Lead for the MOBILIST Programme within the UK’s Foreign, Commonwealth & Development Office, said the initiative demonstrates how public listings can unlock new investment opportunities in frontier markets.
He noted that creating listed products accessible to domestic pension funds could help reduce over-reliance on government debt while channeling long-term capital into productive sectors.
NSE Welcomes New Asset Class
The listing represents a significant expansion of investment products available on the Nairobi Securities Exchange.
NSE Chief Executive Officer Frank Mwiti said the launch of the dollar-denominated industrial REIT introduces a new asset class to the Kenyan market.
“By bringing this asset class to the NSE, we are providing investors with a seamless gateway to Africa’s industrial logistics sector, combining the stability of hard currency with the growth potential of regional infrastructure,” Mwiti said.
Industrial Parks Driving Logistics Growth
Since 2016, Africa Logistics Properties Holdings Limited has developed two major industrial parks in Kenya to support the growth of logistics, manufacturing and distribution sectors.
These include:
- ALP North located in Tatu City with 50,000 square metres of warehouse space
- ALP West located in Tilisi with 20,000 square metres of warehouse space
The facilities provide modern large-format warehouses with advanced loading infrastructure designed to meet the needs of logistics companies and manufacturers.
Both parks have been built to IFC EDGE Advanced green building standards, reflecting increasing demand for sustainable industrial infrastructure in Kenya.
Strengthening Kenya’s Industrial Real Estate Market
The launch of the ALP REIT comes amid growing demand for modern logistics and warehousing infrastructure as Kenya positions itself as a regional trade hub.
Industrial property has become an increasingly attractive investment class due to rising e-commerce activity, regional trade expansion and supply chain modernisation.
Market analysts say the listing could help unlock new sources of capital for the sector, allowing investors to gain exposure to industrial real estate while supporting infrastructure development.
