Nairobi, March 5 -- African Logistics Properties (ALP) dollar-denominated warehouse property fund has raised Sh3.81 billion ($29.5 million) following the close of a restricted offer, narrowly missing its target of 3.87 billion ($30 million).

However, one of the backers of the fund, InfraCo Africa Investment, has committed to invest an additional Sh646.1 million ($5 million) in the acquisition of an unnamed property by the fund.

ALP has two warehouse properties in Limuru's Tilisi and Tatu City in Kiambu. The extra investment by InfraCo will raise the total proceeds to Sh4.46 billion ($34.5 million).

"The restricted offer achieved a subscription rate of 98.5 percent. Combined with InfraCo's commitment to invest an additional $5 million f...