Africa Logistics Properties (ALP) has received regulatory approval to proceed with the restricted offer of its Industrial Real Estate Investment Trust (REIT) in Kenya, marking a significant development in the country’s commercial property and capital markets landscape.
The Capital Markets Authority (CMA) authorized the establishment of the ALP Industrial Real Estate Investment Trust (ALP REIT) on 8 December 2025, approving both the trust structure and the restricted offer to professional investors under Kenya’s Capital Markets (Real Estate Investment Trusts) Regulations, 2013, and the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023.
The REIT is being issued by Africa Logistics Properties Holdings Ltd, the promoter and issuer, and is structured as an income REIT (I-REIT).
The transaction will be executed through the issuance of up to 45 million units at an offer price of $1 per unit, with a par value of $1.
According to the public announcement, up to 15 million units will be issued to the promoter in exchange for property transfers at the stated offer price.
A further 30 million units will be offered through a restricted offer to professional investors, with an additional green shoe option of up to 30%, equivalent to nine million units available to cater for oversubscription.
If fully exercised, the total number of units issued under the offer would rise to 39 million. The offer is restricted to professional investors as defined under Kenya’s REIT regulations and will not be available to retail investors.
The minimum subscription amount has been set at $100,000, with additional investments accepted in multiples of $10,000.
The REIT’s seed assets comprise logistics and industrial properties located in key logistics corridors around Nairobi. These include portions of logistics parks in Limuru and Tatu City, registered in favour of ALP West Limited and ALP West Two Limited.
Specifically, the assets include parts of TLP-1 and TLP-9 logistics park parcels in Limuru, as well as a unit within the Tatu City logistics precinct, known as ALP North Two. The properties form part of ALP’s wider portfolio of modern warehousing and logistics infrastructure in Kenya.
ALP has developed two major logistics parks in the country: ALP North in Tatu City, measuring approximately 50,000 square metres, and ALP West in Tilisi, which covers about 20,000 square metres.
The company specializes in acquiring, developing, and managing modern-grade A warehouse facilities across East Africa. Proceeds from the restricted offer will be used to fund the acquisition of these seed assets into the REIT structure.
ALP REIT has been established as a closed-ended scheme and structured as a trust under a trust deed approved by the CMA on 8 December 2025.
ALP REIT Management Ltd has been appointed as the REIT manager, having received regulatory approval from the CMA on 3 November 2025. The trustee of the REIT is Co-operative Bank of Kenya Limited.
Professional advisers to the transaction include Dyer & Blair Investment Bank as transaction adviser, sponsoring broker, and lead placing agent. Legal advisory services are being provided by Coulson Harney LLP, while Deloitte & Touche LLP has been appointed reporting accountant and auditor.
CBRE Excellerate Valuation Services Kenya Ltd is the property valuer, and Image Registrars Ltd has been named the REIT securities registrar.
The restricted offer is scheduled to open on 17 December 2025 at 9:00am and close on 27 February 2026 at 5:00pm. Allotment is expected to take place on 4 March 2026, with results announced the following day.
Refunds for unsuccessful or scaled-back applications are scheduled for 5 March 2026, with settlement expected on 9 March.
Electronic crediting of units into investors’ Central Depository System (CDS) accounts is planned for 10 March, followed by listing and commencement of trading on the Nairobi Securities Exchange (NSE) on 11 March 2026.
The units will be listed on the Restricted Board of the NSE’s Main Investment Market Segment, subject to final regulatory approvals.
The CMA has approved the timetable, though ALP REIT has noted that the dates remain indicative and may be amended with regulatory consent. Any changes will be publicly announced.
The announcement emphasises that CMA approval of the restricted offer and listing does not constitute an endorsement of the merits of the ALP REIT or its securities. Investors are advised to rely on the offering memorandum, which will be made available from 17 December 2025 on ALP’s website.
The REIT forms part of Kenya’s broader efforts to deepen capital markets by expanding access to institutional-grade real estate investments through regulated structures.
The approval of the ALP REIT reflects continued investor interest in industrial and logistics real estate, a segment that has gained prominence amid supply chain reconfiguration and demand for modern warehousing infrastructure.
By anchoring income-generating logistics assets within a regulated REIT structure, the transaction provides professional investors with exposure to a specialized real estate segment while supporting the growth of Kenya’s capital markets.
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