Raghav Gandhi, Chief Executive Officer, Africa Logistics Properties
Africa Logistics Properties Holdings Limited (ALPH) has received regulatory approval from the Capital Markets Authority (CMA) to establish and launch the ALP Industrial Real Estate Investment Trust (ALP REIT), marking a major milestone for Kenya’s capital markets and the region’s real estate sector.
The ALP REIT will be structured as a US dollar-denominated Income Real Estate Investment Trust (I-REIT) and offered to investors through a Restricted Offer.
Once listed, it will become the first industrial REIT in East Africa and the first USD-denominated REIT to list on the Nairobi Securities Exchange (NSE).
Under CMA regulations, the ALP REIT will be required to distribute at least 80 per cent of its distributable income to investors, making it attractive to those seeking stable dollar-based returns and long-term exposure to the fast-growing industrial and logistics property segment.
In a further boost to its green credentials, the ALP REIT has been admitted to the NSE’s Sustainable Finance Centre of Excellence, a programme supported by FSD Kenya to promote sustainable and green capital market issuances.
The REIT will issue up to 45 million units at an offer price of USD 1 per unit. This includes up to 15 million units issued to ALPH in exchange for the transfer of properties into the REIT, alongside a Restricted Offer of up to 30 million units to investors.
The offer includes a green shoe option of up to 30 per cent, equivalent to an additional 9 million units. As the promoter, ALPH will retain a minimum unitholding of 20 per cent.
Commenting on the approval, Raghav Gandhi, Chief Executive Officer of Africa Logistics Properties, said the move represents a strategic breakthrough for both the company and the wider market.
“The approval of the ALP REIT by the Capital Markets Authority marks a significant milestone in the real estate industry. The transaction will be an Income REIT which will be attractive to investors looking for stable dollar returns and exposure to the growing industrial real estate sector. This is a strategic landmark for us as we look forward not only to expanding our issuance in the Nairobi Securities Exchange but also to growing our footprint in the region,” he said.
The ALP REIT received CMA approval on December 8, 2025, with the Restricted Offer opening on December 17, 2025, and closing on February 27, 2026. The listing and commencement of trading on the NSE is expected on March 11, 2026.
Africa Logistics Properties is a specialist integrated real estate firm focused on the development, investment and management of institutional-grade industrial real estate in Kenya.
Since 2016, the company has developed two major industrial parks, comprising 50,000 square metres at ALP North in Tatu City and 20,000 square metres at ALP West in Tilisi, underscoring its growing role in supporting Kenya’s logistics and industrial infrastructure.