Industrial-scale real estate developer Africa Logistics Properties Holdings Limited, (ALPH) has received regulatory nod from the Capital Markets Authority (CMA) to establish ALP Industrial Real Estate Investment Trust (ALP REIT) and offer units to prospective investors through a Restricted Offer.

The company specializes in developing and managing institutional grade industrial real estate projects in Kenya.

In a market update on Monday, the company said its ALP REIT will be set up as a USD denominated Income Real Estate Investment Trust (I-REIT) and will be required to distribute at least 80 percent of its distributable income to investors. 

The ALP REIT will not only be the first USD issuance to list on the Nairobi Securities Exchange (NSE) but also the first industrial REIT in East Africa. The product has also been admitted to the NSE’s Sustainable Finance Centre of Excellence, a program funded by FSD Kenya to support green issuances.

The ALP REIT will issue up to 45,000,000 units each comprising of up to 15,000,000 units at an offer price of $1  issued to ALPH in exchange for property transfer into the REIT and a Restricted Offer  of up to 30,000,000 units at an offer price of $1 per unit with a green shoe option of up to 30 percent of the Restricted Offer (equivalent to 9 million units). ALPH as Promoter will maintain a minimum unitholding of 20 percent.

“The approval of the ALP REIT by the Capital Markets Authority (CMA) marks a significant milestone in the real estate industry. The transaction will be an Income REIT which will be attractive to investors looking for stable dollar returns and exposure to the growing industrial real estate sector," said Raghav Gandhi, Chief Executive Officer, Africa Logistics Properties.

He added: "This is a strategic landmark for us as we look forward not only to expanding our issuance in the Nairobi Securities Exchange (NSE) but also to growing our footprint in the region."

The company’s REIT, which was approved on 8th December 2025, has an opening date for the Restricted Offer on 17th December 2025 and the closing date on 27th February 2026. The listing date and commencement of trading of the units is expected to be on 11th March 2026.

Since 2016, ALP has developed two industrial parks in Kenya: 50,000 square metres in ALP North in Tatu City and 20,000 square metres in ALP West located in Tilisi.