Toby Selman’s Africa Logistics Properties and the rise of dollar-denominated entities in Africa

Africa is entering a new era of investment innovation. British-born entrepreneur and Industrial developer, Toby Selman’s Africa Logistics Properties (ALP) has secured regulatory approval to launch East Africa’s first U.S. dollar-denominated industrial REIT on the Nairobi Securities Exchange.

This milestone offers investors protection against currency volatility while providing exposure to modern logistics and industrial assets.

As more African corporates explore dollar-denominated listings, including Dangote Refinery and Strive Masiyiwa’s Econet Global, the continent is poised for a dollar-denominated investment revolution.

Dollar REITs and entities transform African markets
ALP’s Industrial REIT offers professional investors exposure to modern logistics and light industrial assets while mitigating currency volatility, a persistent challenge in many African markets. 

The trust by Selman is set distribute at least 80% of distributable income, follow global REIT standards, and has already been admitted to the NSE’s Sustainable Finance Centre of Excellence, signaling a growing appetite for climate-conscious, income-generating investments. 

The offering comprises 45 million units at $1 each, including a green shoe option, while ALP seeds the REIT with completed properties, retaining a minimum 20% stake.

Why the dollar-denominated model matters
Currency risk has long curbed investment appetite in Africa. Last month, Ok-Zimbabwe entered business rescue amid inflation and market volatility. Dollar-denominated stocks provide stability for both foreign and local investors, particularly in markets vulnerable to inflation or exchange-rate swings.

It’s no coincidence that other major African players are exploring similar strategies: Strive Masiyiwa’s Econet Global recently delisted from the Zimbabwe Stock Exchange. Shareholders approved the voluntary delisting on February 26, 2026, with 95% support, citing that the local currency bourse undervalued the company. 

On the otherhand, Zimbabwe’s largest mobile network operator is preparing one of the country’s most consequential capital-market transactions, placing a $1 billion valuation on its newly carved-out infrastructure unit, Econet InfraCo, ahead of a planned listing on the Victoria Falls Stock Exchange (VFEX). This will allow investors to trade in hard currency. 

Similarly, Dangote Refinery, Africa’s largest industrial project, has signaled ambitions to list a dollar-denominated security, a move that would attract regional and international capital while insulating shareholders from Naira volatility.

East Africa’s logistics frontier
For ALP, the REIT is also a strategic growth engine. Since entering Kenya in 2016, the firm has developed over 70,000 square meters of modern logistics space across Tatu City, Tilisi, and other hubs, serving manufacturers, retailers, and regional distributors. The listing not only provides a platform to recycle capital and fund new developments but also sets a blueprint for sustainable, income-focused industrial real estate investment across East Africa.

Toby Selman sees it clearly: “Dollar-denominated REITs are not just a hedge, they are a signal that Africa’s capital markets are maturing. Investors want predictability, yield, and transparency, and this is exactly what ALP delivers.”

As more African corporates follow suit, the continent could be on the cusp of a dollar-denominated revolution, redefining how capital flows, infrastructure projects are financed, and wealth is created.