Toby Selman’s Africa Logistics Properties approved to list dollar REIT in Nairobi

Africa Logistics Properties Holdings Limited, the industrial real estate developer founded by British-born entrepreneur Toby Selman, has received regulatory approval to list East Africa’s first U.S. dollar–denominated industrial real estate investment trust (REIT) in Nairobi. 

Kenya’s Capital Markets Authority has cleared the establishment of the ALP Industrial Real Estate Investment Trust as an income REIT, paving the way for a restricted offer to professional investors. Once listed, the trust will become the first dollar-denominated security to trade on the Nairobi Securities Exchange (NSE) and the region’s first listed industrial REIT.

A first for Kenya’s capital markets

The approval marks a notable development for Kenya’s capital markets, as regulators seek to widen the range of investment products beyond equities and local-currency bonds. For investors, the structure offers exposure to income-generating logistics assets while reducing currency risk in a market where hard-currency instruments remain limited. 

Under Kenyan regulations, the trust will distribute at least 80 percent of its distributable income to unit holders, in line with global income-focused REIT standards. The vehicle has also been admitted to the NSE’s Sustainable Finance Centre of Excellence, reflecting its positioning as a climate-conscious investment supported by FSD Kenya.

The offering will comprise up to 45 million units priced at $1 each. The restricted offer will make available 30 million units, while a green shoe option allows for an additional 9 million units. Africa Logistics Properties will seed the REIT by transferring completed properties in exchange for units, and it will retain a minimum 20 percent stake as a promoter, a structure intended to align its interests with those of incoming investors.

Building scale in logistics property 

Since entering Kenya in 2016, Africa Logistics Properties Holdings Limited, under the leadership of Selman, has developed more than 70,000 square meters of logistics and light industrial space, including facilities at Tatu City and Tilisi. It focuses on modern warehousing built to international standards, serving manufacturers, retailers and regional distributors.

For the Nairobi Securities Exchange, the listing adds depth to the market. For Africa Logistics Properties, the listing provides a platform to recycle capital, fund new developments, and support its expansion across East Africa’s logistics and industrial real estate sector.