Africa Logistics Properties (ALP) on Monday opened a restricted offer of 30 million units in the ALP Industrial Real Estate Investment Trust (ALP I-REIT), seeking to raise Sh3,879,000,000 to finance the development and acquisition of Grade A logistics and warehousing assets in Kenya.
The offer, which has been authorised by the Capital Markets Authority (CMA), opens on December 17, 2025 at 9.00am and will close on February 27, 2026.
Units are priced at Sh129.30 each and will be available exclusively to professional investors, with a minimum subscription of Sh12,930,000.
According to the public announcement, the restricted offer forms part of a broader REIT structure comprising a total of 45 million units.
Of these, 15 million units have been issued to the promoter, Africa Logistics Properties Holdings Limited, in exchange for the transfer of property assets at a price of Sh129.30 per unit.
The remaining 30 million units are being offered to eligible investors under the restricted offer, with an option to upsize the offer by up to 30 percent, subject to regulatory approval.
ALP said proceeds from the offer will be used to fund income-generating logistics developments, including assets at Tatu City and Limuru.
The properties include portions of logistics parks located on land registered in favour of ALP West Limited, ALP West Two Limited and ALP North, reflecting the REIT’s focus on strategically located industrial and warehousing facilities.
The ALP I-REIT is structured as an income REIT established under a common law trust deed and regulated under the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023.
The trust has received approval for listing on the Restricted Board of the Main Investment Market Segment of the Nairobi Securities Exchange (NSE).
Units are expected to be admitted to the official list of the NSE and commence trading on March 11, 2026, with settlement anticipated shortly before listing.
ALP noted that the timetable remains indicative and may be amended with CMA approval, including the possibility of early closure or extension of the offer period.
Africa Logistics Properties Holdings, the promoter of the REIT, is a specialist integrated property investment and development company that focuses on Grade A logistics and warehousing assets across East Africa.
The company has been active in the sector since 2018 and has positioned itself to benefit from growing demand for modern logistics infrastructure driven by regional trade and e-commerce.
The REIT is managed by ALP REIT Management Limited, which was licensed as a REIT manager in November 2015.
The trustee of the REIT is Co-operative Bank of Kenya Limited. Transaction advisory and professional services for the offer include an investment bank as lead placing agent, legal advisers, reporting accountants and auditors, reflecting a multi-party structure typical of capital market transactions.
ALP emphasised that the restricted offer is not open to retail investors and does not constitute a public offer.
Participation is limited to investors who meet the definition of professional investors under Kenyan capital markets regulations.
In its disclaimer, the CMA stated that its approval does not amount to an endorsement of the merits of the ALP I-REIT or the units on offer.
Similarly, the NSE noted that admission to listing should not be taken as an indication of the investment’s quality or performance prospects.
Prospective investors have been advised to review the offering memorandum in full and consult licensed stockbrokers or investment advisers before subscribing.
ALP said all material changes to the offer or timetable would be communicated through public announcements in line with regulatory requirements.
