Leading specialist modern warehousing property investment company Africa Logistics Properties (ALP) has signed a $26.5m senior debt loan facility with Stanbic Bank Kenya Limited (Stanbic Bank), a subsidiary of Standard Bank Group (Standard Bank). The facility proceeds will be used for future expansion of ALP’s modern warehousing projects in Nairobi.
ALP’s flagship project 'ALP Nairobi North’ is Kenya’s first international standard grade-A logistics and distribution centre. The project consists of 47,000sqm of grade-A international standard warehousing on a 22-acre site. The first two phases of the ALP North park are over 80% leased and the third final phase of 19,600sqm will be delivered in May 2019.
ALP Nairobi North won the Best Industrial Project in Africa award at the 2018 Africa Property Awards and also achieved the World Bank’s EDGE building sustainability certification – the very first industrial warehousing complex to achieve this benchmark in Africa.
In addition to ALP Nairobi North, ALP has also commenced construction of its second logistics and industrial project called ALP Nairobi West on a 49-acre site in Western Nairobi. ALP West is situated on the A104 highway towards Limuru, with planning approval for a 100,000 sqm logistics and distribution warehousing complex, the largest in East Africa.
Toby Selman, CEO of ALP said: “We are delighted to have signed our first senior debt transaction with Standard Bank Group. A strong relationship has developed with their Nairobi and Johannesburg teams as a platform for future transactions. The facility will allow ALP to continue the growth of its future modern warehousing projects and portfolio to enable companies to enjoy international standard warehousing facilities in East Africa that never existed until now.”