Warehouse developer and manager Africa logistics Properties (ALP) limited has launched a USD 30 million restricted offer for its ALP Industrial Real Estate Investment Trust (REIT) to finance Grade A logistics facilities in Tatu City and Limuru.
The launch follows the authorization of ALP REIT as an income Real Estate Investment Trust (I-REIT) by the Capital Markets Authority (CMA) on December 8, 2025 through the issuance of up to 45 million units in the ALP REIT.
The issuance comprised of up to 15 million units issued to the promoter – ALP Holdings Ltd in exchange for property transfer at an offer price of USD 1.00 per unit. The other component of the issuance comprises of up to 30 million units at an offer price of USD 1.00 per unit, with a greenshoe of up to 30% of the units, equivalent to 9 million units to cater for high demand and oversubscription. The offer is restricted to professional investors only as defined in the Capital Markets Regulations, 2013.
ALP Restricted Offer Structure
Africa logistics Properties’ Industrial Real Estate Investment Trust (ALP REIT) is being launched as a closed-ended income REIT scheme and will be listed on the Restricted Board of the Nairobi Securities Exchange (NSE) Main Investment Market Segment. The initial seed assets comprise logistics and warehousing properties within Tilisi Logistics Park (Limuru) and ALP North at Tatu City with acreage of 20,000 and 50,000 square metres, respectively.
The minimum subscription amount is USD 100,000, with additional investments in multiples of USD 10,000. Proceeds from the offer will be used to fund the acquisition of the seed assets, while the promoter will retain a minimum 20% holding in the REIT. ALP REIT Management Limited will act as the REIT manager, with the Co-operative Bank of Kenya Limited serving as trustee, alongside Deloitte as reporting accountant and auditor, and CBRE Excellerate providing property valuation services.
The offer opened on December 17, 2025 at 09:00am East African Time (EAT) and will close on February 27, 2026 at 5:00 pm EAT. Listing and commencement of trading on the NSE is set to start on March 11, 2026.
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