Kenya: ALP Reit Lists On NSE As First USD-Based Security

22 March 2026
Daba Finance (Abidjan)

The Nairobi Securities Exchange listed the ALP Industrial Real Estate Investment Trust on March 11, marking the first U.S. dollar-denominated security to trade on the Kenyan market.

The fund, sponsored by Africa Logistics Properties Holdings, offered 30 million units at $1 each. The placement was oversubscribed by 115.17%, with total demand exceeding the initial offer size, supported by institutional and development finance investors.

A total of 39.95 million units were admitted to trading following the transaction. Key investors include InfraCo Africa, part of the Private Infrastructure Development Group, and MOBILIST Programme.

The REIT invests in logistics and industrial assets in Kenya, including warehouse developments in Tilisi and Tatu City near Nairobi. These assets are located along key transport corridors serving regional trade and distribution.

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Under Kenya's REIT regulations, at least 80% of distributable income must be paid out to investors, providing a structured income component alongside asset value growth.

Key Takeaways

The listing of ALP REIT introduces a new structure to Kenya's capital markets by combining real estate investment with dollar-denominated returns. Currency risk is a key factor for investors in African markets, where local currency depreciation can reduce returns. By listing a U.S. dollar-denominated instrument on the NSE, the transaction provides a hedge against local currency volatility while allowing investors to access domestic real estate assets. The focus on logistics and industrial real estate reflects growth in e-commerce, trade and supply chain infrastructure across East Africa, where demand for modern warehousing has increased. The involvement of development finance institutions such as InfraCo Africa and programs like MOBILIST signals continued support for capital market development in emerging economies. REIT structures also provide a way to channel institutional and retail capital into infrastructure-related assets without direct ownership, improving market depth and liquidity. The requirement to distribute at least 80% of income ensures that investors receive regular cash flows, making the product attractive for income-focused portfolios. The success of the offering, with demand exceeding supply, suggests growing appetite for alternative asset classes on African exchanges. Over time, similar listings could expand the range of investable instruments on the NSE and support the development of a more diversified capital market ecosystem.

Read the original article on Daba Finance.

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