INDUSTRIALS REIT LIMITED

(Registered in Guernsey with registration number 64865)

LSE share code: MLI    JSE share code: MLI

ISIN:  GG00BFWMR296

("Industrials REIT" or the "Company")

5 April 2023

INDUSTRIALS REIT ACHIEVES AMBITIONS TO BECOME FULLY MULTI LET INDUSTRIAL FOCUSED WITH GERMAN CARE HOME SALE

Industrials REIT, the UK multi-let industrial ("MLI") property company, announces the sale of its interest in a German care home joint venture. The deal completes Industrials REIT's five-year transition to become a 100% UK MLI business, with the Company now operating over seven million square feet of MLI assets located around towns and cities in England, Scotland and Wales.

Net proceeds from the exit totalled £15.6 million (€17.8 million), which the Company will use to fund further MLI acquisitions in the UK.

Paul Arenson, CEO of Industrials REIT, said: "The sale of our German care home interest is a significant milestone, being the final non MLI investment remaining in our portfolio. It means we are fully focused on our UK MLI business following a £600 million plus five-year disposal programme. Our goal now is to continue scaling our UK MLI platform."

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About Industrials REIT:

Industrials REIT is a UK REIT with a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. The objective of the Company is to deliver a combination of sustainable growing income and growth in value to its investors. Industrials REIT focuses on owning and operating a diversified portfolio of UK purpose built multi-let industrial (MLI) estates across the UK. The Company aspires to be the leading MLI business in the UK. For further information, go to www.industrialsreit.com.