ALP secures CMA approval for East Africa’s first industrial USD REIT

Africa Logistics Properties Holdings Limited (ALPH) has received formal approval from the Capital Markets Authority (CMA) to establish the ALP Industrial Real Estate Investment Trust (ALP REIT).

The announcement marks a double milestone for the Nairobi Securities Exchange (NSE). It will be the first industrial-focused REIT in East Africa and the first-ever issuance denominated in US Dollars to list on the Kenyan bourse.

The ALP REIT is structured as an Income Real Estate Investment Trust (I-REIT). Under this framework, the fund is legally mandated to distribute at least 80% of its distributable income to its unit holders.

“The transaction will be attractive to investors looking for stable dollar returns and exposure to the growing industrial real estate sector,” said Raghav Gandhi, Chief Executive Officer of Africa Logistics Properties. “This is a strategic landmark for us as we look forward not only to expanding our issuance in the NSE but also to growing our footprint in the region.”

The trust has been admitted to the NSE’s Sustainable Finance Centre of Excellence, a program supported by FSD Kenya.

The REIT is backed by a robust portfolio of institutional-grade assets. Since 2016, ALP has been a pioneer in the Kenyan logistics space, developing:

• ALP North (Tatu City): 50,000 square metres of modern warehousing.
• ALP West (Tilisi): 20,000 square metres of specialized industrial space.

The CMA has authorized the issuance of up to 45,000,000 units priced at $1 per unit. The offering is divided into two primary components:

1. Property Exchange: 15,000,000 units issued to ALPH in exchange for the transfer of existing assets into the REIT.
2. Restricted Offer: 30,000,000 units made available to prospective investors, featuring a “green shoe” option of an additional 30% (9 million units) to accommodate over-subscription.

As the Promoter, ALPH will maintain a minimum skin-in-the-game with a retained unit holding of at least 20%.

Following the approval on December 8, 2025, the timeline for the Restricted Offer is as follows:

This listing is expected to inject fresh liquidity into the NSE and provide a blueprint for future thematic REITs in the sub-Saharan region.