ALP Industrial Real Estate Investment Trust has opened a restricted offer to raise up to $30 million (about Sh3.88 billion) from investors, setting the stage for one of the largest industrial property listings expected on the Nairobi Securities Exchange come 2026.
The offer signals a growth appetite of Kenya’s capital markets, pointing to the rising investor appetite for logistics and industrial real estate.
ALP Industrial REIT is a Kenya-based real estate investment trust focused on industrial and logistics properties. It invests in income-generating assets such as warehouses, logistics parks, and light industrial facilities that support manufacturing, retail distribution, and regional supply chains.
The transaction is Kenya’s first US dollar-denominated industrial and logistics property trust as the company seeks listing on the NSE.
This structure is designed to appeal to investors looking for assets with stable, hard-currency income, particularly at a time when demand for modern warehousing and logistics space is being driven by e-commerce growth, regional trade, and changing supply-chain patterns.
The REIT’s initial, or seed, portfolio consists of two major assets developed by Africa Logistics Properties Holdings Limited.
These are ALP West Logistics Park at Tilisi in Limuru and ALP North at Tatu City, both among the country’s largest and most modern industrial parks. The facilities serve a range of tenants, including manufacturers, fast-moving consumer goods companies, retail distributors, and regional supply-chain operators.
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Funds raised through the offer will be used to acquire completed, income-generating logistics and warehousing assets from the sponsor.
Analysts note that logistics real estate has become one of the most resilient segments of the commercial property market, supported by long-term leases, strong tenant demand, and rental structures that are often linked to the US dollar.
Under the offer, ALP Industrial REIT is issuing up to 30 million units priced at $1.00 each, with a green shoe option that allows for an additional 9 million units if demand exceeds the base offer.
The minimum investment is set at $100,000, with additional investments allowed in multiples of $10,000, effectively limiting participation to professional and institutional investors.
In addition to the public units, the promoter will receive 15 million units through the transfer of the seed assets into the REIT. This brings the initial total to 45 million units before any green shoe allocation, with the promoter retaining at least a 20 percent stake. This structure is intended to align the interests of the sponsor with those of incoming investors.
The assets have been selected for their strategic locations near Nairobi’s key transport corridors and established industrial zones.
They feature large warehouse formats, modern loading and handling infrastructure, and sustainability features that are increasingly important to multinational and regional tenants seeking efficient and compliant logistics space.
The REIT is managed by ALP REIT Management Limited, which was licensed by the Capital Markets Authority (CMA) in November.
Co-operative Bank of Kenya would act as trustee, withDyer & Blair Investment Bank as the lead placing agent and sponsoring broker, whereas Deloitte & Touche would serves as auditor, CBRE Excellerate provides property valuations, and Image Registrars is the unit registrar.
