Nairobi Sees First USD Industrial REIT with Green Certification

Africa Logistics Properties Holdings (ALPH) has launched the ALP Industrial Real Estate Investment Trust (ALP REIT) following approval from the Capital Markets Authority, offering investors a USD-denominated income REIT with at least 80 percent of distributable income allocated to unit holders. The REIT marks the first industrial REIT in East Africa and the first USD issuance to list on the Nairobi Securities Exchange, with units offered through a Restricted Offer of up to 30 million and a green shoe option of 30 percent. ALPH, as promoter, will retain a minimum unitholding of 20 percent, transferring some of its industrial property assets into the REIT as part of the structure.

The REIT has also been admitted to the NSE’s Sustainable Finance Centre of Excellence, supported by FSD Kenya, reflecting a focus on green and sustainable industrial investment. Units will be priced at $1 each, with the Restricted Offer running from December 17, 2025, to February 27, 2026, and trading expected to commence on March 11, 2026. ALPH CEO Raghav Gandhi said the REIT provides investors with exposure to stable USD returns while expanding the company’s footprint in the regional industrial real estate sector.

Since 2016, ALPH has developed 70,000 square meters of industrial parks in Kenya, including ALP North in Tatu City and ALP West in Tilisi, positioning the company as a leading industrial real estate developer. Analysts say the REIT could attract institutional and retail investors seeking dollar-denominated income and sustainable real estate investments in Africa.