Kenya: Africa Logistics Properties Gets CMA Nod for Dollar-Denominated Reit

15 December 2025
Capital FM (Nairobi)

Nairobi — Africa Logistics Properties Holdings Limited (ALPH) has received regulatory approval to launch a US dollar-denominated Real Estate Investment Trust.

The Capital Markets Authority (CMA) has cleared the firm to establish the ALP Industrial Real Estate Investment Trust (ALP REIT) and issue units to investors through a Restricted Offer. Once listed, the REIT will become the first USD-denominated issuance on the Nairobi Securities Exchange (NSE) and East Africa's first industrial REIT.

The ALP REIT will be structured as an Income REIT (I-REIT) and will distribute at least 80 percent of its distributable income to investors. It has also been admitted to the NSE's Sustainable Finance Centre of Excellence, a programme supported by FSD Kenya to promote green and sustainable capital market instruments.

Under the transaction, ALP REIT will issue up to 45 million units priced at $1 per unit. This includes up to 15 million units issued to ALPH in exchange for the transfer of properties into the REIT, and a Restricted Offer of up to 30 million units, with a green shoe option of up to 30 percent. ALPH will retain a minimum 20 percent unitholding as the promoter.

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ALPH Chief Executive Officer Raghav Gandhi said the approval reflects growing investor appetite for stable dollar-denominated returns and exposure to industrial real estate.

"The transaction will offer investors stable USD income while supporting the growth of institutional-grade industrial assets in the region," Gandhi said, adding that the listing also strengthens ALPH's regional expansion strategy.

The CMA approved the REIT on December 8, 2025. The Restricted Offer will open on December 17, 2025 and close on February 27, 2026, with trading on the NSE expected to begin on March 11, 2026.

Since 2016, Africa Logistics Properties has developed more than 70,000 square metres of industrial space in Kenya, including facilities at Tatu City and Tilisi, positioning the firm as a key player in the country's logistics and industrial real estate market.

Read the original article on Capital FM.

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