Africa Logistics Properties Holdings Limited (ALPH) has received regulatory approval to launch a US dollar-denominated Real Estate Investment Trust (REIT), marking a milestone for Kenya’s capital markets and the broader East African property sector.
CMA Clears ALP Industrial REIT
The Capital Markets Authority (CMA) has approved the establishment of the ALP Industrial Real Estate Investment Trust (ALP REIT), allowing ALPH to issue units to investors through a Restricted Offer.
Once listed, the ALP REIT will become the first USD-denominated issuance on the Nairobi Securities Exchange (NSE) and the first industrial REIT in East Africa.
Income REIT Structure and Investor Benefits
The ALP REIT will be structured as an Income REIT (I-REIT), distributing at least 80% of its distributable income to investors.
It has also been admitted to the NSE’s Sustainable Finance Centre of Excellence, a programme supported by FSD Kenya to promote green and sustainable capital market instruments.
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Offer Details
Here’s a breakdown of the issuance structure:
| Issuance Category | Units (millions) | Price per Unit | Notes |
|---|---|---|---|
| Property Transfer to REIT | 15 | $1 | Issued to ALPH in exchange for property transfer |
| Restricted Offer | 30 | $1 | Offered to investors |
| Green Shoe Option (30% of RO) | 9 | $1 | Optional additional units tied to the Restricted Offer |
| Total Units | 45 | $1 | ALPH retains a minimum 20% unitholding as a promoter. |
ALPH Chief Executive Officer Raghav Gandhi said the approval reflects growing investor appetite for stable dollar-denominated returns and exposure to industrial real estate:
“The transaction will offer investors stable USD income while supporting the growth of institutional-grade industrial assets in the region.”
He added that the listing strengthens ALPH’s regional expansion strategy and positions the firm as a leader in East Africa’s logistics property sector.
Key Dates
- Approval Date: December 8, 2025
- Restricted Offer Opens: December 17, 2025
- Restricted Offer Closes: February 27, 2026
- Trading on NSE Begins: March 11, 2026
ALP’s Track Record in Kenya
Since 2016, ALPH has developed more than 70,000 square metres of industrial space in Kenya, including:
- ALP North (Tatu City): 50,000 sqm
- ALP West (Tilisi): 20,000 sqm
These projects highlight ALPH’s role as a key player in Kenya’s logistics and industrial real estate market, reinforcing its credibility as promoter of East Africa’s first industrial REIT.
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