Kenya on Wednesday officially listed East Africa’s first industrial Real Estate Investment Trust (REIT) on the Nairobi Securities Exchange (NSE), with the United Kingdom government committing US$24 million as cornerstone investor.
The Africa Logistics Properties Holdings Limited (ALPH) raised US$29.55 million from the offering, bringing the total listing value to US$39.95 million. The ALP Industrial REIT (ALP REIT) also became the first US dollar-denominated security to trade on the Nairobi bourse, marking a milestone for Kenya’s capital markets.
UK government anchors the listing
The UK government’s support came through two development finance vehicles: the Private Infrastructure Development Group (PIDG), which contributed US$15 million via InfraCo, and the MOBILIST programme, which invested $9 million. An additional US$5 million from PIDG is earmarked for deployment as the REIT expands, bringing total commitment to US$20 million over time.
“PIDG is delighted to expand its expertise into Kenya’s industrial real estate sector. Today’s listing marks a further milestone for the instrument in the East African market and endorses ALPH’s strong governance and sustainable business model,” said Claire Jarratt, Head of Investment Management at InfraCo.
MOBILIST, supported by the UK, Norway, and Switzerland, aims to create listed products that attract institutional capital to developing markets, and its involvement underscores Kenya’s appeal to international investors.
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Assets and development
The REIT is backed by two operational industrial parks developed by ALPH. ALP North, in Tatu City north of Nairobi, spans 50,000 square metres and is rated a Grade A logistics facility. ALP West, in the Tilisi corridor west of the city, covers 20,000 square metres and is Grade B. Both facilities meet IFC EDGE Advanced green building standards, with efficiencies in energy, water, and materials.
A third development, ALP West Kivu, covering 10,500 square metres, is under construction and expected to complete in the third quarter of 2026. While not included in the current REIT, it may be added as the vehicle scales.
“This milestone underscores Kenya’s growing capital markets maturity and the attractiveness of industrial real estate as a sustainable investment class,” said Raghav Gandhi, ALPH CEO. “The participation of PIDG and MOBILIST demonstrates strong international confidence and will accelerate industrial development, job creation, and sustainable infrastructure.”
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A first for the NSE
The ALP REIT is also the first US dollar-denominated security to trade on the NSE, providing domestic investors, including pension funds, with a hard currency investment option and a hedge against local currency depreciation.
NSE Chief Executive Frank Mwiti described the listing as a gateway instrument with regional implications: “By bringing this asset class to the NSE, we are providing investors with seamless access to Africa’s industrial logistics sector, combining the stability of hard currency with growth potential.”
Market observers say the listing demonstrates Kenya’s capacity to diversify its capital markets, attract international investment, and replicate the REIT model across East Africa.
The listing comes as Kenya seeks to expand its financial product offering and deepen institutional participation in domestic and regional infrastructure markets.
