From left: Frank Mwiti, Chief Executive Officer, Nairobi Securities Exchange; Stephen Odua, Director of Industries, State Department for Investment Promotion, Ministry of Investment, Trade and Industry; Kiprono Kittony, Chairman, Nairobi Securities Exchange; H.E. Diana Dalton, Deputy High Commissioner to Kenya, British High Commission Kenya; Raghav Gandhi, Chief Executive Officer, Africa Logistics Properties; Ugas Sheikh-Mohamed, Chairman, Capital Markets Authority; and Wyckliffe Shamiah, Chief Executive Officer, Capital Markets Authority, during the ALP Industrial Real Estate Investment Trust (ALP REIT) listing and bell ringing ceremony at the Nairobi Securities Exchange in Nairobi.
Africa Logistics Properties Holdings Limited (ALPH) has announced the participation of two major international investors in its landmark ALP Industrial Real Estate Investment Trust (ALP REIT), marking a significant milestone for Kenya’s capital markets and industrial real estate sector.
The announcement was made during a bell-ringing ceremony to mark the official listing of the ALP REIT at the Nairobi Securities Exchange (NSE) on Monday.
The UK government committed USD 24 million (KES 3.14 billion) to the listing through investments from the Private Infrastructure Development Group (PIDG) and the MOBILIST programme.
As strategic cornerstone investors, PIDG committed a total investment of USD 15 million, while MOBILIST invested USD 9 million. The investments are expected to play a key role in accelerating the development of Kenya’s institutional-grade industrial real estate market.
The ALP REIT, approved by the Capital Markets Authority (CMA), is the first industrial REIT in East Africa and the first US dollar-denominated security to list and trade on the NSE.
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ALPH raised USD 29.55 million through the REIT, with the total listing valued at USD 39.95 million. The amount excludes USD 5 million from the overall PIDG commitment, which will be invested as the REIT expands. The anchor investments helped ALPH attract a diverse range of investors, including local and regional institutional players.
“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,” said Raghav Gandhi, Chief Executive Officer of ALPH.
PIDG, which mobilises private investment for sustainable infrastructure across Africa and Asia, is investing through its project development arm, InfraCo.
Claire Jarratt, PIDG Head of Investment Management for InfraCo said: “Having anchored the establishment of REITs for affordable housing in Nairobi, PIDG is familiar with the REIT structure, and we know that it works to mobilise vital new sources of capital for economic development. We are delighted to expand this expertise into Kenya’s industrial real estate sector by supporting ALPH to develop its ALP REIT. Today’s listing marks a further milestone for the instrument in the East African market and is an endorsement of ALPH’s strong governance and the sustainability of the business.”
Ross Ferguson, Programme Lead for MOBILIST within the Foreign, Commonwealth and Development Office (FCDO), said the programme is helping unlock new investment pathways in frontier markets.
“MOBILIST is proving that underwriting and anchoring first-of-their-kind public listings can unlock entirely new pathways for investment in frontier markets. In Kenya, creating listed products that domestic pension funds can invest in is essential to reducing their over-reliance on government debt and directing long-term capital to the businesses that drive growth. By demonstrating credible exit routes for development finance institutions through local listings, the UK is helping build deeper, more liquid markets that attract both domestic and international investors. This is how we turn public markets into a scalable engine for sustainable development.”
NSE Chief Executive Officer Frank Mwiti described the listing as a historic moment for the exchange.
“The debut of the dollar-denominated Industrial I-REIT is a historic milestone for our market,” Mwiti noted. “By bringing this asset class to the NSE, we are providing investors with a seamless gateway to Africa’s industrial logistics sector, combining the stability of hard currency with the growth potential of regional infrastructure.”
Since 2016, ALPH has developed two flagship industrial parks in Kenya: ALP North in Tatu City with 50,000 square metres of space and ALP West in Tilisi with 20,000 square metres. The parks provide modern, scalable industrial infrastructure designed to meet the growing needs of Kenya’s logistics and manufacturing sectors.
The facilities include large-format warehouses equipped with advanced loading infrastructure and built to the IFC EDGE Advanced green building standards, supporting sustainable industrial development.
