IFC, CDC to invest $35 million in Kenyan warehousing firm

The International Finance Corporation and the CDC Group, the UK's development finance institution, will invest $35 million in Africa Logistics Properties Holding, a Kenyan warehousing firm.

The IFC said the financing will support ALP's development of modern, grade-A warehousing facilities in Nairobi, which will enhance trading activities in East Africa. The financing consists of $10 million from the IFC and $25 million from CDC Group.

Founded in 2015, ALP is an integrated commercial property investment platform based in Nairobi with a principal focus on the emerging logistics and industrial sector across Africa. ALP is backed by Maris, a Nairobi-based private investment firm that is also investing $8 million alongside IFC and CDC.