Shortly after receiving capital commitments totalling $35m from the IFC and CDC in March, Africa Logistics Properties (ALP) has secured an additional $4m from DOB Equity, a leading Dutch family office to enable them build warehousing developments and expand operations across East Africa. DOB Equity will also be investing alongside ALP Co-Founder Maris, Mbuyu Capital and other local and international investors.
Earlier this month ALP agreed terms with an international occupier to lease entire first unit of 14,000sqm at their 50,000sqm ALP North project in Northern Nairobi. This represents an impressive 28% pre-lease just over a week after earthworks commenced on site. The ALP North project is said to be the first international standard Grade-A logistics and distribution park in Kenya for the rental occupier market. Completion has been slated for Q4:2018.
Brigit van Dijk – van de Reijt, CEO at DOB Equity explained that ALP’s innovative solution to the Kenyan warehousing sector will help to drive logistical costs down. These Grade-A warehousing facilities will create built-for-purpose supply chain infrastructure to drive efficiencies that should lead to lower prices for consumers.
Saskia van der Mast, Investment Manager at DOB Equity, adds:
“We believe Kenya is ideally located as an entry point and hub for eastern and central Africa to benefit from the region’s industrialization, growing trade, and expanding consumer markets.”