Africa Logistics Properties Holdings Ltd (ALPH) has launched a restricted offer of 30 million units in the ALP Industrial Real Estate Investment Trust (ALP I-REIT) at an offer price of USD 1.00 per unit, aiming to raise USD 30 million to finance Grade A logistics and warehousing assets in Tatu City and Limuru.
The transaction follows regulatory clearance after the Capital Markets Authority (CMA) authorised the establishment of the ALP Industrial Real Estate Investment Trust on 8 December 2025.
“On December 8, 2025, the Capital Markets Authority (‘CMA’) authorised the establishment of the ALP Industrial Real Estate Investment Trust (‘ALP REIT’) by Africa Logistics Properties Holdings Ltd as an Income Real Estate Investment Trust (‘I-REIT’),” the public announcement states.
The CMA approval allows the issuance of up to 45 million units in the ALP I-REIT, comprising promoter units and a restricted offer to professional investors.
“The issuance of up to 45,000,000 units in the ALP REIT [will comprise] up to 15,000,000 units issued to the Promoter in exchange for property transfer… and up to 30,000,000 units offered by way of a Restricted Offer at an offer price of USD 1.00 per unit,” ALP said.
The offer also includes a green shoe option of up to 30 percent, equivalent to 9 million additional units, to cater for oversubscription.
“A green shoe option of up to 30% of the units in the Restricted Offer (equivalent to 9,000,000 new units) [has been included] to cater for oversubscription,” the announcement reads.
According to the approved timetable, the restricted offer will open to investors in mid-December and run through late February.
“The Opening Date December 17,2025, 9am, and the Closing Date is February 25 2026, 5pm,” ALP confirmed.
Following the close of the offer, allotment and settlement will be concluded in early March, ahead of listing.
“Listing date and commencement of trading of Units on the NSE [is] March 11, 2026,” the announcement states.
The REIT has also received approval from the Nairobi Securities Exchange (NSE) to list on its Restricted Board.
“ALP REIT also received approval from the Nairobi Securities Exchange (‘NSE’) to list its units on the Restricted Board of the Main Investment Market Segment,” ALP said.
The offer is strictly restricted to professional investors as defined under Kenya’s REIT regulations, with a high entry threshold reflecting its institutional focus.
“This offer is restricted to Professional Investors only as defined in the Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013,” the notice states.
The minimum subscription amount has been set at USD 100,000, with additional investments in multiples of USD 10,000.
“Minimum Subscription Amount [is] USD 100,000 and thereafter in multiples of USD 10,000,” ALP said.
Proceeds from the restricted offer will be used to fund the acquisition of income-generating logistics properties in Kenya’s key industrial corridors.
“Use of proceeds [is] to fund the acquisition of the seed assets,” the announcement notes.
The seed assets include logistics developments in Limuru and Tatu City, notably:Portions of Tilisi Logistics Park in Limuru; and Tatu City Unit Number L3-478, Precinct 38A, forming part of the ALP North logistics development.
These assets are aligned with ALP’s strategy of developing and managing modern industrial parks.
ALPH positions itself as a specialist logistics real estate developer with a growing footprint in East Africa.
“ALPH is a specialist integrated property investment and development company that acquires, develops and manages modern Grade A and B warehousing across East Africa,” the announcement states.
“Since 2016, ALPH has developed two logistics parks in Kenya: ALP North in Tatu City which is 50,000 square metres and ALP West in Tilisi which is 20,000 square metres.”
The ALP I-REIT has appointed a consortium of leading financial, legal and professional advisers, including:Co-operative Bank of Kenya Limited as Trustee and Receiving Bank and ALP REIT Management Limited as REIT Manage.
Others are Dyer & Blair Investment Bank Limited as Transaction Advisor, Sponsoring Broker and Lead Placing Agent, CBRE Excellerate Valuation Services Kenya Ltd as Property Valuer, Deloitte & Touche LLP as Reporting Accountant and Auditor and Growing Focus on Industrial REITs
The launch of the ALP Industrial REIT comes amid rising investor interest in logistics and industrial real estate, driven by e-commerce growth, regional trade expansion and demand for modern warehousing infrastructure.
By structuring the transaction as a restricted, closed-ended I-REIT, ALP is targeting long-term institutional capital seeking stable income streams and exposure to Kenya’s logistics property market.
“CMA’s approval of the Restricted Offer and/or listing is not to be taken as an indication of the merits of the ALP REIT or its securities,” the disclaimer cautions.
