Africa Logistics Properties Holdings Limited (ALPH) has secured major international investment following the listing of its industrial Real Estate Investment Trust at the Nairobi Securities Exchange (NSE).
The listing of the ALP Industrial Real Estate
Investment Trust (ALP REIT) marks a historic milestone for Kenya’s capital markets and the region’s industrial real estate sector. The announcement was made during a bell-ringing ceremony at the NSE to officially mark the REIT’s market debut.
UK-Backed Investment Anchors the Listing
The UK government committed USD 24 million (about KES 3.14 billion) to the listing through two programmes: the Private Infrastructure Development Group (PIDG) and the MOBILIST programme.
PIDG invested USD 15 million, while MOBILIST contributed USD 9 million, positioning them as cornerstone investors in the REIT. These investments played a critical role in attracting additional participation from private sector and institutional investors across Kenya and the region.
First Industrial REIT in East Africa
The ALP REIT, approved by the Capital Markets Authority (CMA), is the first industrial REIT in East Africa and also the first US dollar-denominated security to list and trade on the NSE.
ALPH raised USD 29.55 million through the REIT, with the overall listing valued at USD 39.95 million. An additional USD 5 million from PIDG’s commitment will be invested later as the REIT expands.
ALPH Chief Executive Officer Raghav Gandhi said the milestone reflects the growing maturity of Kenya’s capital markets and the rising appeal of industrial real estate as an investment class.
“This milestone underscores Kenya’s growing capital markets maturity and the increasing attractiveness of industrial real estate as a sustainable investment class,” he said.
Boost for Kenya’s Industrial Infrastructure
PIDG invested in the project through its infrastructure development arm InfraCo, with the organisation highlighting the role of REITs in mobilising private capital for development.
Africa Logistics Properties Secures Strategic Investment in REIT Listing at NSE
PIDG’s Head of Investment Management for InfraCo, Claire Jarratt, noted that the listing expands the use of REIT structures beyond affordable housing into the industrial real estate sector.
Expanding Investment Opportunities in Kenya
The MOBILIST programme, implemented through the UK’s Foreign, Commonwealth and Development Office (FCDO), said the listing demonstrates how public markets can unlock investment opportunities in frontier economies.
Programme Lead Ross Ferguson said the initiative helps develop investment products that local pension funds can support while reducing their reliance on government securities.
A Historic Moment for the NSE
Frank Mwiti, Chief Executive Officer of the Nairobi Securities Exchange, described the listing as a historic step for the market, noting that it introduces a new asset class linked to Africa’s fast-growing industrial logistics sector.
Growing Industrial Real Estate Portfolio
Since 2016, ALPH has developed two major industrial parks in Kenya: ALP North located in Tatu City and ALP West in Tilisi.
Together, the parks provide more than 70,000 square metres of modern industrial space, including large-scale warehouses designed to meet the growing demand from Kenya’s logistics and manufacturing sectors.
The facilities are also built to IFC EDGE Advanced green building standards, reinforcing the company’s commitment to sustainable industrial development.