Grace Ashiru
Africa Logistics Properties Holdings Limited (ALPH) has listed its ALP Industrial Real Estate Investment Trust on the Nairobi Securities Exchange, marking a landmark moment for Kenya’s capital markets. The listing on March 11, 2026 makes it the first industrial REIT in East Africa and the first US dollar-denominated security to trade on the NSE.
The offering raised $29.55 million, bringing the total listing value to $39.95 million. The UK government anchored the raise with $24 million committed through two vehicles: the Private Infrastructure Development Group (PIDG), via its project development arm InfraCo, which invested $15 million, and the MOBILIST programme, which committed $9 million. InfraCo has pledged an additional $5 million to be deployed as the REIT scales. The offer was oversubscribed at 115.17%, with participation from development finance institutions, domestic and regional institutional investors, and high-net-worth individuals.
Founded in 2016, ALPH operates two Grade-A logistics parks in Kenya — ALP North at Tatu City and ALP West at Tilisi — totalling 70,000 square metres, both built to IFC EDGE Advanced green building standards. A third facility, ALP West Kivu, is under construction and expected to complete in Q3 2026.
The dollar denomination of the REIT is significant for domestic pension funds, which have historically been restricted to shilling-denominated assets. NSE CEO Frank Mwiti described the listing as a gateway for investors into Africa’s industrial logistics sector, combining hard currency stability with regional infrastructure growth potential. ALPH CEO Raghav Gandhi said the listing underscores Kenya’s growing capital markets maturity and the rising appeal of industrial real estate as a sustainable investment class.
