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.
The announcement was made during a bell-ringing ceremony held to celebrate the official listing of the ALP REIT on the Nairobi Securities Exchange (NSE).
The United Kingdom government committed USD 24 million (approximately KES 3.14 billion) to the listing through investments from the Private Infrastructure Development Group (PIDG) and the MOBILIST programme.
As cornerstone investors, PIDG committed USD 15 million, while MOBILIST invested USD 9 million, signaling strong international confidence in Kenya’s emerging institutional-grade industrial real estate sector.
The ALP REIT, approved by the Capital Markets Authority (CMA), is the first industrial Real Estate Investment Trust in East Africa and also the first US dollar-denominated security to list and trade on the NSE.
ALPH raised USD 29.55 million through the REIT, with the total listing valued at USD 39.95 million. The figure excludes an additional USD 5 million from PIDG that will be invested as the REIT expands.
These anchor investments played a critical role in attracting a broad pool of investors, including local and regional institutional investors from the private sector.
ALPH Chief Executive Officer Raghav Gandhi said the listing reflects the growing strength of Kenya’s capital markets and rising interest in industrial real estate as a sustainable investment class.
“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,” Gandhi said.
PIDG, known for mobilising private investment for sustainable infrastructure across Africa and Asia, is participating through its project development arm InfraCo.
Claire Jarratt, PIDG Head of Investment Management for InfraCo, noted that the group’s involvement builds on its experience with REIT structures in Kenya.
“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,” she said.
Ross Ferguson, Programme Lead for MOBILIST within the UK government’s Foreign, Commonwealth and Development Office (FCDO), said the initiative demonstrates how public market listings can 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,” Ferguson said, adding that listed products provide domestic pension funds with alternatives to government debt while channeling long-term capital into productive sectors.
Chief Executive Officer of the Nairobi Securities Exchange, Frank Mwiti, described the debut of the dollar-denominated Industrial I-REIT as a historic development for the Kenyan market.
“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,” Mwiti said.
Since 2016, ALPH has developed two major industrial parks in Kenya: ALP North in Tatu City, covering 50,000 square metres, and ALP West in Tilisi, spanning 20,000 square metres.
The facilities provide modern industrial infrastructure designed to support Kenya’s expanding logistics and manufacturing sectors, featuring large-format warehouses with advanced loading infrastructure built to IFC EDGE Advanced green building standards.
