Kenya’s listed property market will expand into the logistics sector after ALP Industrial REIT raised US$29.55 Million (KSh 3.82 Billion) in a restricted offer with 98.5% subscription.
- •The vehicle, sponsored by Africa Logistics Properties, will list 39.95 Mn units on the Nairobi Securities Exchange on 11 March 2026, backed by warehouse parks in Tatu City and Tilisi and anchor support from infrastructure investor InfraCo Africa.
- •Investors applied for 29.55 Million units priced at US$1 each, with full allocation granted for all applications.
- •Africa Logistics Properties Holdings transferred three logistics warehouse assets into the REIT as seed properties and received 10.4 Mn units in the fund.
Why it Matters
The listing introduces a new segment to Kenya’s REIT market, which currently includes ILAM Fahari I-REIT and Acorn’s income and development REITs, largely focused on office and student accommodation assets. Demand for modern logistics space has increased as manufacturers, retailers and e-commerce operators expand distribution networks near Nairobi’s transport corridors.
ALP Industrial REIT will become Kenya’s first listed logistics-focused REIT, adding warehouse real estate exposure to a sector where listed property investment vehicles remain limited.
The Listing
The offer fell marginally short of the US$30 Million (KSh 3.88 Billion) target but drew strong institutional participation in a property sector where listed investment vehicles remain limited.
InfraCo Africa committed an additional US$5 Million (KSh 646 Million) toward a pipeline logistics asset, lifting total participation linked to the transaction to 115.17% of the offer size. InfraCo operates under the Private Infrastructure Development Group, a development finance platform backed by governments including the United Kingdom, Netherlands, Switzerland, Canada, Sweden and Australia.
The REIT will introduce 39.95 Mn units for trading once listing begins. Units will be credited to investors’ CDS accounts on 10 March 2026 ahead of the market debut.
Institutional structure and assets
The trustee role sits with Co-operative Bank of Kenya, which holds assets on behalf of investors under Kenya’s REIT regulations. Transaction advisers included Dyer and Blair Investment Bank as lead placing agent and transaction adviser, CBRE Excellerate as property valuer and Deloitte as reporting accountant.
The portfolio centres on Grade A logistics facilities developed by Africa Logistics Properties. The seed assets sit within ALP North logistics park in Tatu City and ALP West logistics park in Tilisi, Limuru, which host distribution centers used by manufacturers, retailers and logistics firms serving Kenya and regional markets.
A fourth logistics asset, ALP North Three, remains under preparation and will transfer into the REIT once rental income stabilizes.
