• Africa Logistics Properties lists East Africa's first industrial REIT on the NSE, raising $29.55M, with total listing value of $39.95M.
• The UK government commits $24M through PIDG and MOBILIST as cornerstone investors, signalling strong international confidence in Kenya's capital markets.
• The ALP REIT is the first USD-denominated security to list and trade on the Nairobi Securities Exchange, a landmark for the region's financial architecture.

Africa Logistics Properties Holdings Limited (ALPH) officially listed its ALP Industrial Real Estate Investment Trust (ALP REIT) on the Nairobi Securities Exchange (NSE) on March 11, 2026, in what the exchange described as a historic moment for Kenya's capital markets. The listing, marked by a bell ringing ceremony at the NSE, is the first industrial REIT in East Africa and the first US Dollar-denominated security to be listed and traded on the Nairobi bourse.

The offering raised $29.55 million, with the total listing valued at $39.95 million. The REIT was approved by Kenya's Capital Markets Authority (CMA) and drew investors from both the public and private sectors, including local and regional institutional investors whose participation was catalysed by the presence of two prominent international anchor investors.

A $24 Million Bet by the British Government

The UK government committed $24 million to the listing through two of its investment vehicles: the Private Infrastructure Development Group (PIDG), which invested $15 million through its project development arm InfraCo, and the MOBILIST programme, which contributed $9 million. An additional $5 million from PIDG is earmarked for deployment as the REIT grows its portfolio, bringing the group's total commitment to $20 million over time.

PIDG, funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, and Global Affairs Canada, has since 2002 supported 258 infrastructure projects to financial close, providing an estimated 232 million people with access to new or improved infrastructure. Its involvement in the ALP REIT follows an earlier engagement in affordable housing REITs in Nairobi.

"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. Today's listing marks a further milestone for the instrument in the East African market and is an endorsement of ALPH's strong governance and the sustainability of the business.", Claire Jarratt, Head of Investment Management for InfraCo, PIDG commented

MOBILIST, a flagship UK government programme also supported by Norway and Switzerland, focuses on creating listed financial products that can attract institutional capital in developing economies. Its programme lead situated the Kenya listing within a broader strategic rationale for frontier market development.

What the ALP REIT Brings to Market

The underlying assets of the ALP REIT are two operational industrial parks developed by ALPH since its founding in 2016. ALP North, located in Tatu City north of Nairobi, spans 50,000 square metres and is classified as a Grade A logistics facility. ALP West, in the Tilisi development corridor west of the city, covers 20,000 square metres and is rated Grade B. Both facilities are built to IFC EDGE Advanced green building standards, which the company says makes them among the first warehouses in Africa to meet that certification, with efficiencies in energy, water, and materials use reducing operating costs for tenants.

Aerial view of ALP North logistics park in Tatu City, north of Nairobi, one of the assets underpinning the ALP Industrial REIT listed on the Nairobi Securities Exchange

A third development, ALP West Kivu, comprising 10,500 square metres, is currently under construction and is expected to reach completion in the third quarter of 2026. It is not included in the current REIT offering but may be considered for future inclusion as the vehicle scales. For ALPH's chief executive, the listing reflects a structural shift in how Kenya's capital markets perceive industrial real estate as an investable category.

"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,", said Raghav Gandhi, Chief Executive Officer, Africa Logistics Properties Holdings

A Structural First for the NSE

Beyond the logistics sector, the listing carries significance for Kenya's broader financial architecture. The ALP REIT is the first security denominated in US dollars to trade on the NSE, offering a hard currency instrument to domestic investors — notably pension funds — that have historically been constrained to Kenyan shilling-denominated assets or illiquid real assets. The dollar denomination provides a natural hedge against currency depreciation for investors with USD-linked liabilities or aspirations.

NSE Chief Executive Officer Frank Mwiti described the listing as a gateway instrument with regional implications: "The debut of the dollar-denominated Industrial I-REIT is a historic milestone for our 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."

The listing comes at a time when Kenya's capital markets are seeking to diversify their product offering and attract a wider pool of institutional investors, both domestic and international. The introduction of an industrial REIT with USD-denominated financing and backing from a development finance institution is seen by market observers as a model that could be replicated in other East African jurisdictions.

Idriss Linge