The ALP Industrial Real Estate Investment Trust (ALP I‑REIT) closed its restricted offer on 5 March 2026, raising USD 29.6 million against a target of USD 30 million. This represents a 98.5% subscription rate, comfortably above the minimum success threshold of USD 11 million.
Investor demand was further strengthened by InfraCo Africa’s USD 5 million commitment to a pipeline asset, pushing the effective oversubscription level to 115.2%. In addition, Africa Logistics Properties Holdings (ALPH) received 10.4 million units in exchange for transferring three logistics properties into the REIT. In total, 40 million units are expected to list on the Nairobi Securities Exchange (NSE), with trading scheduled to begin on 11 March 2026.
Investor Appetite for Logistics Real Estate
The strong uptake highlights growing confidence in Kenya’s industrial and logistics property sector. Demand is being driven by e‑commerce growth, manufacturing expansion, and regional trade logistics. Grade‑A warehousing around Nairobi’s logistics corridor continues to attract institutional capital, supported by high occupancy rates and stable rental yields compared to office and retail segments.
Expanding Kenya’s REIT Market
Kenya’s REIT market remains small, with only a handful of listed vehicles such as the ILAM Fahari I‑REIT and Acorn’s D‑REIT and I‑REIT. The successful listing of ALP I‑REIT is expected to deepen the market and broaden investor access to income‑generating logistics assets.
In total, ALP has raised USD 34.55 million, including InfraCo’s additional commitment, representing an overall subscription of 115%. Importantly, ALP I‑REIT will become the first dollar‑denominated security to list and trade on the NSE.
Broad Investor Participation
Subscriptions came from a diverse base: development finance institutions, domestic and regional institutional investors, and high‑net‑worth individuals. All applicants will receive full unit allocations.
ALP CEO Raghav Gandhi welcomed the outcome:
“We are pleased that the market responded very positively to our offer, demonstrating confidence not only in the work we continue to do but also in the investment opportunities available in this region. As the first industrial REIT in East Africa, we are very encouraged by this outcome.”
Distribution and Key Investors
The restricted offer requires at least 80% of distributable income to be paid to investors, in line with REIT regulations. Key backers include the Private Infrastructure Development Group (PIDG) through InfraCo, and MOBILIST, the UK government’s flagship public markets programme. InfraCo’s additional USD 5 million commitment will be deployed as the REIT scales further, underscoring international confidence in Kenya’s industrial real estate market.
ALP’s Warehousing Portfolio
ALP operates institutional‑grade warehousing hubs at Tilisi (Limuru) and Tatu City (Kiambu County), strategically located along major transport corridors and close to established industrial zones. These facilities feature large‑format warehouses, modern loading infrastructure, and IFC EDGE Advanced green building standards.
Governance and Advisors
The REIT is managed by ALP REIT Management Limited, licensed by the Capital Markets Authority in November.
- Trustee: Co‑Operative Bank of Kenya
- Transaction Advisor & Lead Placing Agent: Dyer & Blair Investment Bank
- Auditor: Deloitte & Touche
- Property Valuer: CBRE Excellerate
- Unit Registrar: Image Registrars
Oversubscribed Kenya Pipeline IPO deepens Kenya’s capital markets
