Africa Logistics Properties Holdings Limited (ALPH) has named the Private Infrastructure Development Group (PIDG) and the MOBILIST programme as strategic cornerstone investors in its ALP Industrial Real Estate Investment Trust (ALP REIT), which listed on the Nairobi Securities Exchange (NSE) on Wednesday, March 11, 2026.

In a statement issued in Nairobi, ALPH said the UK government committed USD 24 million (KES 3.14 billion) to the listing through PIDG and MOBILIST, with PIDG committing USD 15 million (about KES 1.97 billion) and MOBILIST investing USD 9 million (about KES 1.18 billion). The company said the announcement was made during a bell-ringing ceremony marking the official listing.

ALPH said the ALP REIT was approved by the Capital Markets Authority (CMA) and is the first industrial REIT in East Africa as well as the first USD-denominated security to list and trade on the NSE. The company said it raised USD 29.55 million (about KES 3.87 billion) through the REIT, while the total listing was valued at USD 39.95 million (about KES 5.23 billion). It added that the figure excludes USD 5 million (about KES 655 million) of PIDG’s overall commitment, which it said will be invested as the REIT scales.

The transaction adds a new listed product to Kenya’s capital markets at a time when regulators and market players have been seeking to broaden investment options beyond equities and government securities. ALPH said the anchor investments helped it attract additional investors, including local and regional institutional investors.

Raghav Gandhi, Chief Executive Officer of ALPH, linked the listing to broader capital markets development and industrial investment. “This milestone underscores Kenya’s growing capital markets maturity and the increasing attractiveness of industrial real estate as a sustainable investment class. The participation of PIDG and MOBILIST demonstrates strong international confidence in Kenya,” Gandhi said.

PIDG said it is investing through its project development solution, InfraCo. Claire Jarratt, PIDG Head of Investment Management for InfraCo, said PIDG had previously supported the use of REIT structures in Nairobi and is extending that approach to industrial property. “Having anchored the establishment of REITs for affordable housing in Nairobi, PIDG is familiar with the REIT structure, and we know that it works to mobilise vital new sources of capital for economic development,” Jarratt said.

Ross Ferguson, Programme Lead for MOBILIST within the Foreign, Commonwealth, and Development Office (FCDO), said the approach aims to support new types of listed products. “In Kenya, creating listed products that domestic pension funds can invest in is essential to reducing their over-reliance on government debt and directing long-term capital to the businesses that drive growth,” Ferguson said.

NSE Chief Executive Officer Frank Mwiti said the listing brings a new asset class to the exchange. “The debut of the dollar-denominated Industrial I-REIT is a historic milestone for our market,” Mwiti said, adding that the product offers investors access to the industrial logistics sector.

ALPH said it has developed two industrial parks in Kenya since 2016: ALP North in Tatu City with 50,000 square metres and ALP West in Tilisi with 20,000 square metres. The company said the facilities include large-format warehouses and are built to IFC EDGE Advanced green building standards.

Looking ahead, ALPH said it is developing ALP West Kivu, a 10,500-square-metre project it expects to complete in Q3 2026. Market observers will watch how trading and investor participation evolves for the dollar-denominated REIT on the NSE, as well as whether the listing encourages additional real estate and infrastructure-linked products to come to Kenya’s public markets.