Kenya: ALP REIT reports first profit and prepares fourth acquisition following Nairobi Securities Exchange debut

In Nairobi, Kenya's REIT market has remained embryonic since the disappointing launch of Ilam Fahari I-REIT in 2015, the first vehicle of its kind listed on the Nairobi Securities Exchange (NSE), whose market value subsequently eroded due to a lack of liquidity and new assets. It is against this backdrop that the listing of ALP REIT in March 2026 appears as a potential signal for the revival of this asset class, intended to allow Kenyan savers to invest in real estate without directly owning the properties. According to Capital FM, cited by AllAfrica, ALP REIT posted a net profit of 29,9 million Kenyan shillings in its first interim results since going public. The trust is now preparing the acquisition of a fourth property to expand its portfolio. The source does not specify the executives of ALP REIT, the exact nature of the assets already held, or the timeline for this acquisition. For Kenyan investors, this first profitable result in the very first semester following its listing represents a rare signal of credibility in a segment considered sluggish for a decade. For the NSE, it is also a test of its ability to attract new real estate capitalization vehicles, while traditional bank credit remains costly in Kenya. The past experience of Fahari I-REIT nevertheless invites caution. The strategy of successive acquisitions suggests external rather than organic growth.