Africa Logistics Properties (ALP) Thursday announced Raghav Gandhi as the new Chief Executive Officer following the departure of Richard Hough.
Hough, decided to leave the company, the largest developer of modern industrial warehousing in East Africa, after 6 years. He joined the company in May 2017 as Chief Operating Officer and went on to replace the co-founder/CEO Toby Selman in 2019.
“He oversaw the development of East Africa’s largest single industrial park at Tatu City in northern Nairobi and the partial development of the company’s second flagship park at Tilisi in western Nairobi, winning numerous awards for industrial development and ALP’s best-in-class environmental credentials, including IFC Global EDGE Champion,” said the company in a statement
In his message, Hough indicated that; it has been an enormous privilege to spend six years at ALP “working with a great team of both colleagues and investors.”
“Together we have brought high-quality, sustainable industrial buildings to Kenya for the first time. I wish ALP the very best for the future, and look forward to seeing their further progress,” he said
Charlie Tryon, Chairman of ALP, and who also recently took the mantle from Nicholas Ferguson O.B.E, said the entire board of the company was thankful to Richard Hough over what he described as ‘his diligence and dedication.’
“He has seen the company through some challenging times and did so winning a range of industry awards highlighting the excellence of ALP in establishing new international standards in the logistics sector in East Africa. We wish him well in his future endeavors,” said Tyron
“We are delighted to welcome Raghav as the new CEO of ALP and I look forward to working closely with him as he seeks to set out a new strategic direction for ALP,” added the Chairman
With his exit, ALP’s board welcomed Raghav Gandhi, the former Managing Director of Acorn Investment Management Limited, a local Kenyan-focused student housing real estate developer, to steer the company and is set to join the company in the first quarter of 2024.
Raghav Gandhi is a real estate professional specializing in Emerging Markets. He has a commendable track record across the value chain in South Asia, the Middle East, and North Africa. He moved to Kenya in early 2020 to establish and then subsequently manage two student accommodation REITs leading a capital raise of over US $50 million in equity from international and local investors, and more than $60 million in debt financing.
He described the new assignment at ALP as an exciting role that he was delighted to be taking,”
“Industrial real estate is a premium asset class in the developed markets but still very much in its infancy here in Africa. While this may point to challenges, it also highlights significant opportunities. I believe that the solid foundation built by the previous management team provides an ideal springboard to enhance value for shareholders and I look forward to working with the team in delivering on this potential.” said the incoming CEO
