ALP to Launch East Africa’s First Industrial Dollar-Denominated REIT
CEO, AFrica Logistics Properties Mr. Raghav Randhi.
Africa Logistics Properties Holdings Limited (ALPH) has received regulatory approval to launch East Africa’s first industrial Real Estate Investment Trust (REIT), marking a major step in the evolution of Kenya’s capital markets and industrial property sector.
The Capital Markets Authority (CMA) approved the establishment of the ALP Industrial Real Estate Investment Trust (ALP REIT), which will be offered to investors through a Restricted Offer and listed on the Nairobi Securities Exchange (NSE).
Structured as a US dollar-denominated Income REIT, the ALP REIT will be required to distribute at least 80 per cent of its distributable income to investors. It will be the first dollar-based REIT to list on the NSE and the first industrial-focused REIT in the East African region, offering investors an opportunity to earn stable foreign-currency returns from Kenya’s growing logistics and industrial real estate market.
The REIT has also been admitted to the NSE Sustainable Finance Centre of Excellence, a programme supported by FSD Kenya that promotes green and sustainable capital market issuances.
Under the offer structure, the REIT will issue up to 45 million units priced at USD 1 each. This includes 15 million units to be issued to ALPH in exchange for the transfer of completed industrial properties into the REIT, and a Restricted Offer of up to 30 million units to eligible investors. The offer includes a 30 per cent green shoe option, equivalent to nine million additional units, while ALPH will retain a minimum 20 per cent stake as the promoter.
Speaking on the approval, Africa Logistics Properties Chief Executive Officer Raghav Gandhi said the transaction was designed to attract investors seeking predictable income and exposure to a fast-growing asset class.
“This Income REIT will appeal to investors looking for stable dollar returns and access to the expanding industrial real estate sector. It is also a strategic milestone as we deepen our presence on the Nairobi Securities Exchange and grow our regional footprint,” Gandhi said.
The CMA approved the REIT on 8 December 2025, with the Restricted Offer scheduled to open on 17 December 2025 and close on 27 February 2026. Trading of the units on the NSE is expected to begin on 11 March 2026.
Since 2016, Africa Logistics Properties has developed and managed modern industrial parks in Kenya, including 50,000 square metres at ALP North in Tatu City and 20,000 square metres at ALP West in Tilisi, positioning the firm to benefit from rising demand for warehousing and logistics infrastructure driven by regional trade and e-commerce grow.
