Africa Logistics Properties (ALP) Industrial REIT has been listed on the Nairobi Securities Exchange (NSE), bringing the total number of Authorized REITs in Kenya to five.
The listing comes after an impressive performance by the USD-denominated offer, which raised USD 29.55 million against a target of USD 30 million, translating to a subscription rate of 98.5%. Factoring in an additional USD 5 million commitment by InfraCo Africa Investment Limited, the overall subscription rises to 115%, underscoring investors’ confidence in Kenya’s regulated capital markets.
ALP Sets New Capital Markets Milestone
ALP’s listing marks a significant milestone that reflects the growing depth of Kenya’s capital markets. It becomes the first USD-denominated listed security in Kenya and the first industrial REIT focused on logistics infrastructure in East Africa. The listing also makes Kenya the fourth country in Africa to embrace industrial REITs, after South Africa, Ghana and Nigeria.
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