Raghav Gandhi, Chief Executive Officer, Africa Logistics Properties. Photo/courtesy.
Africa Logistics Properties Holdings Limited (ALP) has received approval from the Capital Markets Authority (CMA) to establish a US dollar denominated Industrial Real Estate Investment Trust (REIT) and offer units to investors through a restricted offer.
The ALP Industrial REIT will be structured as an Income REIT and will be required to distribute at least 80 percent of its distributable income to investors. It will become the first dollar-based REIT to list on the Nairobi Securities Exchange and the first industrial REIT in East Africa.
The REIT has also been admitted to the Nairobi Securities Exchange Sustainable Finance Centre of Excellence, a programme supported by FSD Kenya to promote green and sustainable capital market issuances.
Under the approved structure, the REIT will issue up to 45 million units at an offer price of one US dollar per unit. This includes up to 15 million units issued to Africa Logistics Properties in exchange for the transfer of property assets into the REIT and a restricted offer of up to 30 million units to investors. The restricted offer includes a greenshoe option of up to 30 percent, equivalent to an additional 9 million units. Africa Logistics Properties will retain a minimum unitholding of 20 percent.
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Raghav Gandhi, chief executive officer of Africa Logistics Properties, said the approval marks a major milestone for the real estate sector and capital markets in Kenya. He said the Income REIT will appeal to investors seeking stable dollar-denominated returns and exposure to the growing industrial real estate market.
“The approval of the ALP REIT by the Capital Markets Authority (CMA) marks a significant milestone in the real estate industry. The transaction will be an Income REIT which will be attractive to investors looking for stable dollar returns and exposure to the growing industrial real estate sector,” Gandhi said.
“This is a strategic landmark for us as we look forward not only to expanding our issuance in the Nairobi Securities Exchange (NSE) but also to growing our footprint in the region.”
The REIT was approved on 8 December 2025. The restricted offer will open on 17 December 2025 and close on 27 February 2026. Trading of the units on the Nairobi Securities Exchange is expected to begin on 11 March 2026.
Africa Logistics Properties has been developing industrial real estate in Kenya since 2016. Its developments include ALP North in Tatu City with approximately 50,000 square metres of completed space and ALP West in Tilisi with about 20,000 square metres.
