ALP Industrial REIT has kicked off a restricted capital raise of up to USD 30 million (about KSh 3.88 billion), setting the stage for what is shaping up to be one of the most substantial industrial property listings expected on the Nairobi Securities Exchange in 2026.
The offer positions the trust as Kenya’s first US dollar-denominated industrial and logistics REIT targeting an NSE listing. Its seed portfolio is anchored on two flagship developments: ALP West Logistics Park in Tilisi, Limuru, and ALP North at Tatu City. Both sites rank among the country’s largest modern industrial parks, catering to manufacturers, FMCG players, retailers and regional distribution networks.
Funds raised will be used to acquire completed, income-generating logistics and warehousing properties developed by Africa Logistics Properties Holdings Limited. The move comes as Kenya’s industrial real estate segment continues to draw strong investor interest, buoyed by e-commerce expansion, shifting regional supply chains and demand for high-spec warehousing. Analysts increasingly see logistics property as one of the more defensive commercial asset classes, supported by long leases and dollar-linked rental income.
Under the offer structure, ALP Industrial REIT is issuing up to 30 million units priced at USD 1.00 (approximately KSh 129.4) per unit. A green shoe option allows for an additional 9 million units should demand outstrip the initial allocation. Participation is limited to professional and institutional investors, with a minimum investment of USD 100,000 and top-ups in multiples of USD 10,000.
An additional 15 million units will be issued to the promoter through the transfer of the seed assets, bringing the starting unit count to 45 million before any green shoe exercise. The promoter will maintain at least a 20 percent holding, ensuring alignment with incoming investors.
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The underlying properties were selected for their strategic locations along key transport corridors near Nairobi, as well as their modern design, efficient loading infrastructure and sustainability features. These attributes are increasingly attractive to multinational and regional tenants seeking compliant, high-quality logistics space.
ALP REIT Management Limited, licensed by the Capital Markets Authority in November, will manage the trust. Co-operative Bank of Kenya has been appointed trustee, with Dyer & Blair Investment Bank acting as lead placing agent and sponsoring broker. Deloitte & Touche will serve as auditor, CBRE Excellerate as valuer, and Image Registrars as unit registrar.
