Africa Logistics Properties Holdings Limited (ALPH) has secured the participation of two major international investors in its ALP Industrial Real Estate Investment Trust (ALP REIT), following the trust’s official listing on the Nairobi Securities Exchange (NSE).
The milestone was marked by a ceremonial bell ringing at the exchange, celebrating the launch of the first industrial Real Estate Investment Trust in East Africa.
The United Kingdom government committed USD 24 million (approximately KES 3.14 billion) through the Private Infrastructure Development Group (PIDG) and the MOBILIST programme, both acting as strategic cornerstone investors.
PIDG invested USD 15 million, while MOBILIST committed USD 9 million, reinforcing international confidence in Kenya’s growing industrial real estate sector.
The ALP REIT, approved by the Capital Markets Authority (CMA), also marks a historic moment for Kenya’s financial markets as the first US dollar-denominated security to list and trade on the NSE.
ALPH raised USD 29.55 million through the REIT, bringing the total listing value to USD 39.95 million. An additional USD 5 million from PIDG will be invested later as the REIT expands its portfolio.
The presence of the two anchor investors helped attract a broader pool of private sector investors, including local and regional institutional funds.
ALPH Chief Executive Officer Raghav Gandhi described the listing as a key step in strengthening Kenya’s capital markets while supporting the country’s industrial growth.
“This milestone underscores Kenya’s growing capital markets maturity and the increasing attractiveness of industrial real estate as a sustainable investment class. The participation of PIDG and MOBILIST demonstrates strong international confidence in Kenya. Their support will accelerate industrial development, driving economic growth, job creation and sustainable infrastructure,” he said.
PIDG is investing through its project development arm InfraCo. Claire Jarratt, Head of Investment Management for InfraCo, said the organisation’s involvement builds on its previous experience supporting REIT structures in Nairobi.
“Having anchored the establishment of REITs for affordable housing in Nairobi, PIDG is familiar with the REIT structure and understands how it mobilises new sources of capital for economic development. We are pleased to extend this expertise to Kenya’s industrial real estate sector,” she said.
Ross Ferguson, Programme Lead for MOBILIST within the UK government’s Foreign, Commonwealth and Development Office (FCDO), highlighted the role of public market listings in unlocking investment in frontier economies.
He noted that such initiatives enable domestic pension funds to diversify their investments beyond government debt while channeling long-term capital into productive sectors of the economy.
Chief Executive Officer of the Nairobi Securities Exchange, Frank Mwiti, described the listing as a historic addition to the Kenyan market.
“The debut of the dollar-denominated Industrial I-REIT is a landmark for our market. It offers investors access to Africa’s growing industrial logistics sector while combining hard currency stability with strong regional infrastructure growth,” Mwiti said.
ALPH has been expanding its industrial logistics footprint in Kenya since 2016. The company has developed two flagship parks: ALP North in Tatu City, covering 50,000 square metres, and ALP West in Tilisi, spanning 20,000 square metres.
The modern facilities provide scalable warehouse space and advanced logistics infrastructure to support Kenya’s rapidly growing manufacturing and supply chain sectors, while meeting IFC EDGE Advanced green building standards.