NSE celebrates landmark listing of ALP Industrial REIT

The Nairobi Securities Exchange (NSE) entered the record books,as Africa Logistics Properties Holdings Limited (ALPH) rang the opening bell for the listing of the ALP Industrial Real Estate Investment Trust — a landmark moment for Kenya’s capital markets and the broader East African investment landscape.

The ALP REIT is the first industrial-focused REIT in East Africa and the first US Dollar-denominated security ever to list and trade on the Kenyan bourse.

The listing follows formal approval from the Capital Markets Authority (CMA) in December 2025. The trust raised USD 29.55 million during its offer period, bringing the total listing value to USD 39.95 million. The offering comprised a property exchange of 15 million units and a restricted offer of 30 million units, which included a 30% green shoe option to absorb over-subscription demand.

The UK government emerged as a key strategic investor, committing USD 24 million through two vehicles: a USD 15 million contribution via the Private Infrastructure Development Group’s (PIDG) project development arm, InfraCo, and a USD 9 million investment through the MOBILIST Programme. A further USD 5 million from PIDG is expected as the REIT scales. ALPH has retained a minimum 20% unit holding to maintain investor alignment.

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Structured as an Income REIT (I-REIT), the trust is legally required to distribute at least 80% of its distributable income to unit holders — a feature designed to attract investors seeking stable dollar-denominated returns and exposure to the fast-growing logistics sector.

The REIT’s underlying portfolio includes two green-certified industrial parks: ALP North at Tatu City, offering 50,000 square metres of modern warehousing, and ALP West at Tilisi, comprising 20,000 square metres of specialised industrial space. The trust has also been admitted to the NSE’s Sustainable Finance Centre of Excellence, a programme supported by FSD Kenya.

Market observers expect the listing to inject fresh liquidity into the NSE while offering local pension funds and regional institutional investors a credible alternative to government debt instruments.

ALPH Chief Executive Raghav Gandhi described the milestone as evidence of Kenya’s deepening capital markets maturity, noting that international backing from PIDG and MOBILIST signals strong confidence in the country’s investment environment. NSE CEO Frank Mwiti said the dollar-denominated structure provides investors with a direct gateway to Africa’s industrial logistics sector, pairing hard-currency stability with regional infrastructure growth.