Kenya makes history with listing of first USD industrial REIT

The Nairobi Securities Exchange (NSE) marked a historic milestone this morning, March 11, 2026, as Africa Logistics Properties Holdings Limited (ALPH) officially rang the bell for the listing of the ALP Industrial Real Estate Investment Trust (ALP REIT).

The debut is the first industrial-focused REIT in East Africa and the first-ever issuance denominated in US Dollars to list and trade on the Kenyan bourse.

Following formal approval from the Capital Markets Authority (CMA) in December 2025, the ALP REIT successfully raised USD 29.55 million, bringing the total listing value to USD 39.95 million. The offering included a property exchange of 15 million units and a restricted offer of 30 million units, which featured a 30% green shoe option to accommodate over-subscription.

The UK government played a pivotal role as a strategic cornerstone investor, committing a total of USD 24 million (Ksh. 3.14 billion) through:

• The Private Infrastructure Development Group (PIDG): A USD 15 million commitment via its project development arm, InfraCo.
• The MOBILIST Programme: A USD 9 million investment.

An additional USD 5 million from PIDG is slated for investment as the REIT scales. To ensure skin-in-the-game, ALPH has retained a minimum unit holding of at least 20%.

The ALP REIT is structured as an Income REIT (I-REIT), legally mandating the distribution of at least 80% of its distributable income to unit holders. This structure is designed to appeal to investors seeking stable dollar returns and exposure to the high-growth logistics sector.

Furthermore, the trust has been admitted to the NSE’s Sustainable Finance Centre of Excellence, a program supported by FSD Kenya. ALPH’s portfolio currently includes two flagship green-certified industrial parks:

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

The listing is expected to inject fresh liquidity into the NSE and provide a vital alternative for local pension funds and regional institutional investors, reducing their reliance on government debt.

“This milestone underscores Kenya’s growing capital markets maturity,” said Raghav Gandhi, CEO of ALPH. “The participation of PIDG and MOBILIST demonstrates strong international confidence in Kenya. Their support will accelerate industrial development, driving economic growth and job creation.”

NSE Chief Executive Officer Frank Mwiti added that the dollar-denominated REIT provides a “seamless gateway” to Africa’s industrial logistics sector, combining the stability of hard currency with the growth potential of regional infrastructure.

Key listing details