Key Takeaways
- • ALP Industrial REIT raised USD 29.55 million (KSh 3.82 billion) in a restricted offer at 98.5% subscription, achieving near-full take-up against a USD 30 million target, with total listing valued at USD 39.95 million on the Nairobi Securities Exchange.
- • East Africa's first industrial REIT and first USD-denominated security on NSE, marking a structural advancement in Kenya's capital markets and institutional real estate infrastructure investment accessibility.
- • UK government anchored the deal with USD 24 million commitment through the Private Infrastructure Development Group (PIDG) at USD 15 million and MOBILIST programme at USD 9 million, with InfraCo Africa committing an additional USD 5 million for pipeline assets, collectively representing strong international confidence in Kenya's industrial real estate sector.
- • Promoter contributed three logistics warehouse assets (located in Tilisi/Limuru and Tatu City) into the REIT in exchange for 10.4 million units, establishing institutional-grade inventory from inception.
- • Full allocation granted to all applicants with 29.55 million units priced at USD 1 each, demonstrating strong demand from local and regional institutional investors alongside strategic international backers.
Summary
Africa Logistics Properties Holdings Limited (ALPH) successfully launched East Africa's first industrial real estate investment trust on the Nairobi Securities Exchange on March 11, 2026, raising USD 29.55 million (KSh 3.82 billion) in its restricted offer phase. The offering achieved 98.5% subscription against a USD 30 million target, with total listing capitalization reaching USD 39.95 million. All applicants received full allocation of the 29.55 million units priced at USD 1 each, signaling robust investor demand across institutional and regional market participants.
The REIT's structure represents a dual milestone for Kenya's financial markets: it is the first industrial REIT established in East Africa and the first USD-denominated security to list and trade on the NSE. Capital Markets Authority (CMA) approval preceded the launch, establishing regulatory foundation for this new asset class. The promoter contributed three initial logistics warehouse assets—strategically positioned at Tilski (Limuru) and Tatu City—into the REIT structure in exchange for 10.4 million founder units, ensuring institutional-quality assets at inception.
International development finance institutions anchored investor confidence with substantial commitments. The UK government mobilized USD 24 million through two vehicles: the Private Infrastructure Development Group (PIDG) committed USD 15 million through its project development arm InfraCo Africa, while the MOBILIST programme deployed USD 9 million. InfraCo Africa further committed USD 5 million toward pipeline assets, bringing total PIDG-related participation to USD 20 million. These anchor investments collectively represented 115.17% of the restricted offer size when including the pipeline commitment, and catalyzed participation from local and regional institutional investors.
According to Raghav Gandhi, Chief Executive Officer of ALPH, the listing underscores Kenya's institutional capital market maturity and positions industrial real estate as an institutional-grade investment class. Claire Jarratt, PIDG Head of Investment Management for InfraCo, noted PIDG's prior experience structuring REIT vehicles for affordable housing in Nairobi and confirmed confidence that the REIT mechanism mobilizes private capital for economic development. The listing addresses critical infrastructure gaps, providing Kenyan businesses with improved access to institutional-grade warehouse and logistics capacity while offering institutional investors exposure to essential supply-chain infrastructure assets in a rapidly growing East African economy.
The REIT's structure represents a dual milestone for Kenya's financial markets: it is the first industrial REIT established in East Africa and the first USD-denominated security to list and trade on the NSE. Capital Markets Authority (CMA) approval preceded the launch, establishing regulatory foundation for this new asset class. The promoter contributed three initial logistics warehouse assets—strategically positioned at Tilski (Limuru) and Tatu City—into the REIT structure in exchange for 10.4 million founder units, ensuring institutional-quality assets at inception.
International development finance institutions anchored investor confidence with substantial commitments. The UK government mobilized USD 24 million through two vehicles: the Private Infrastructure Development Group (PIDG) committed USD 15 million through its project development arm InfraCo Africa, while the MOBILIST programme deployed USD 9 million. InfraCo Africa further committed USD 5 million toward pipeline assets, bringing total PIDG-related participation to USD 20 million. These anchor investments collectively represented 115.17% of the restricted offer size when including the pipeline commitment, and catalyzed participation from local and regional institutional investors.
According to Raghav Gandhi, Chief Executive Officer of ALPH, the listing underscores Kenya's institutional capital market maturity and positions industrial real estate as an institutional-grade investment class. Claire Jarratt, PIDG Head of Investment Management for InfraCo, noted PIDG's prior experience structuring REIT vehicles for affordable housing in Nairobi and confirmed confidence that the REIT mechanism mobilizes private capital for economic development. The listing addresses critical infrastructure gaps, providing Kenyan businesses with improved access to institutional-grade warehouse and logistics capacity while offering institutional investors exposure to essential supply-chain infrastructure assets in a rapidly growing East African economy.
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