MOBILIST invests in Kenyan REIT in NSE’s first USD-listing
Nairobi, 11 March. MOBILIST played a key role in the successful listing of the Africa Logistics Properties Industrial Real Estate Investment Trust (ALP REIT) on the Nairobi Securities Exchange (NSE), supporting the development of Kenya’s capital market by expanding its base of investible assets.
ALP REIT’s listing is one of the first on the NSE in ten years and also the first US dollar-denominated security to list on the exchange, offering Kenyans the opportunity to invest in US dollars while still investing in Kenya.
MOBILIST has been partnering with the NSE since 2024 to expand the range of listed instruments that channel private capital into sustainable development in Kenya. ALP REIT is an industrial and logistics property trust with a portfolio of high-quality warehouses and logistic parks. This infrastructure enables Kenyan businesses to store and distribute goods more efficiently. This benefits Kenyan exporters, enabling them to grow their businesses and employ more workers.
MOBILIST invested $9 million as a cornerstone investor in the $39.95 million-listing, which took place on the Main Segment of the NSE. The programme invested alongside the Private Infrastructure Development Group (PIDG), which also made an anchor investment through its project development solution, InfraCo Africa.
The listing attracted a wide investor base, raising over $10 million from Kenyan institutional and high-net-worth investors – a significant result for the market debut of a brand-new listed entity in Kenya. Kenyan pension funds hold approximately $19-$20 billion in assets (KES 2.5 trillion), representing a substantial pool of long-term domestic capital that can be invested in the country’s economy. However, industry regulations require these funds to invest primarily in listed products, which comprise mostly government bonds and scarce new listed opportunities for allocation to the real economy.
The UK is a long-term partner in building Kenya’s financial markets, including by investing in companies which can grow to eventually list on the NSE. The UK’s development finance institution, British International Investments (‘BII’), first invested in ALP in 2017, making a significant contribution to the company’s long-term growth.
Through supporting this listing, MOBILIST is enabling Kenyan institutional investors to gain access to development assets that they would otherwise not have been able to add to their portfolios, using products that suit them and at a market-level risk-return. Once listed on a public market, all investors can see the performance of the shares and the extent to which they are traded. This paves the way for greater liquidity in the REIT’s shares and an ability to scale as it builds a public track record.
Diana Dalton, Deputy High Commissioner & Development Director, British High Commission Nairobi, said: “Warehousing is one of the most important components in overall supply chain management, yet too many businesses in Kenya struggle with access to good facilities. The difference it can make is huge in terms of profitability and income security for many workers. This is an exciting and innovative example of how the UK and Kenya are working together to help unlock local capital, increase export potential, and ultimately create more jobs across the country. We go far when we go together.”
Ross Ferguson, Programme Lead for MOBILIST within the Foreign, Commonwealth, and Development Office (FCDO), said: “MOBILIST is proving that underwriting and anchoring first-of-their-kind public listings can unlock entirely new pathways for investment in frontier markets. 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.
By demonstrating credible exit routes for development finance institutions through local listings, the UK is helping build deeper, more liquid markets that attract both domestic and international investors. This is how we turn public markets into a scalable engine for sustainable development.”
Mr Raghav Gandhi, Chief Executive Officer for Africa Logistics Properties, said: “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. Their support will accelerate industrial development, driving economic growth, job creation, and sustainable infrastructure.”
Frank Mwiti, CEO of Nairobi Securities Exchange, said: “The debut of the dollar-denominated Industrial I-REIT is a historic milestone for our market. By bringing this asset class to the NSE, we are providing investors with a seamless gateway to Africa’s industrial logistics sector, combining the stability of hard currency with the growth potential of regional infrastructure.”
Diana Dalton, Deputy High Commissioner & Development Director, speaking at the listing event.