Transfer of shares to the premium segment of the LSE Main Market; proposed migration to a secondary JSE listing

INDUSTRIALS REIT LIMITED
(formerly Stenprop Limited)
(Registered in Guernsey)
(Registration number 64865)
LSE share code: MLI  JSE share code: MLI
ISIN: GG00BFWMR296
("Industrials REIT" or the "Company")

NEITHER THIS ANNOUNCEMENT NOR ANYTHING HEREIN FORMS THE BASIS
FOR ANY OFFER TO PURCHASE OR SUBSCRIBE FOR ANY SHARES OR OTHER
SECURITIES IN INDUSTRIALS REIT LIMITED NOR SHALL IT FORM THE BASIS
FOR ANY CONTRACT OR COMMITMENT WHATSOEVER.

15 December 2021


TRANSFER OF ORDINARY SHARES TO THE PREMIUM SEGMENT OF THE OFFICIAL LIST OF THE
FINANCIAL CONDUCT AUTHORITY AND PROPOSED MIGRATION OF ORDINARY SHARES FROM A PRIMARY
LISTING TO A SECONDARY LISTING ON THE MAIN BOARD OF THE JOHANNESBURG STOCK EXCHANGE


LSE Transfer

The Company is pleased to confirm that, as previously disclosed in the full year results,
published on 11 June 2021, and the half-year results, published on 3 December 2021, the
Company is seeking admission of its ordinary shares (“Ordinary Shares”) to listing on the
premium listing segment of the Official List of the Financial Conduct Authority (“FCA”) and the
transfer of the admission to trading of the Ordinary Shares from the specialist fund segment of
the Main Market of the London Stock Exchange (“Main Market”) to the premium segment of
the Main Market (the “LSE Transfer”). The LSE Transfer is expected to broaden the Company’s
share register and will reflect the Company’s transition to a focused UK multi-let industrial
operating business and the rotation of its shareholder register to primarily UK and EEA
investors. It will also allow the Company to continue focusing on being an operational real
estate company under chapter 6 (commercial company) of the FCA’s Listing Rules.

In respect of the LSE Transfer, the Company has submitted an application for its Ordinary
Shares to be admitted to the premium listing segment of the Official List of the FCA and to
trading on the premium segment of the Main Market (“Admission”). Admission is expected to
occur with effect from 8:00 am on 20 December 2021.

JSE Migration

Subject to regulatory approval, the Company will also submit an application for the migration
of the listing of its Ordinary Shares from a primary listing to a secondary listing on the Main
Board of the Johannesburg Stock Exchange (the “JSE Migration”). The Company will dispatch
a notice of general meeting to shareholders in due course to convene a general meeting (the
“General Meeting”) where shareholder resolutions will be proposed to give effect to the JSE
Migration. The JSE Migration is expected to become effective following the General Meeting.
Further information on the JSE Migration, including the date of the General Meeting, will also
be announced in due course.

The Company’s ticker, ISIN, SEDOL and LEI will remain unchanged.

Working Capital Statement

In conjunction with the application for Admission, the Company is required to make a statement
as to the sufficiency of its working capital. Accordingly, the Company is of the opinion that the
Company and its subsidiary undertakings (the “Group”), has sufficient working capital for the
Group’s present requirements, that is for at least the next 12 months from the date of this
announcement.

Richard Grant, Chairman of Industrials REIT, commented: “Moving to the Premium Segment
of the Main Market is a significant milestone, which will bring a number of benefits and reflects
how far we have come as a company in a relatively short time. Our transition to becoming the
UK’s sole fully focused multi-let industrial REIT is now virtually complete, with the Company
also having built a strong market leading operating platform which, alongside the ongoing
support of our loyal shareholders, will allow us to continue to deliver on our significant growth
ambitions.”


For further information:
Industrials REIT Limited
Paul Arenson (CEO) paul.arenson@industrials.co.uk
Julian Carey (Managing Director) julian.carey@industrials.co.uk
James Beaumont (CFO) james.beaumont@industrials.co.uk

Numis Securities Limited (Financial Adviser)                               44 (0)20 7260 1000
Hugh Jonathan
Vicki Paine

FTI Consulting (PR Adviser)                                                44 (0)20 3727 1000
Richard Sunderland
Richard Gotla
Neel Bose
Industrialsreit@fticonsulting.com

Java Capital (JSE sponsor)                                                  27 (0)11 722 3050

Numis is authorised and regulated by the Financial Conduct Authority. Numis is acting
exclusively for the Company and no-one else in connection with this Announcement or any
future transaction in connection with it. Numis will not regard any other person as its client in
relation to the subject matter of this Announcement and will not be responsible to anyone other
than the Company for providing the protections afforded to its clients, nor for providing advice
in relation to the contents of this Announcement or any transaction, arrangement or other matter
referred to herein.

About Industrials REIT:

Industrials REIT is a UK REIT traded on the LSE and the JSE. The objective of the Company
is to deliver sustainable growing income to its investors. Industrials REIT invests in a diversified
portfolio of UK multi-let industrial (MLI) properties with the strategic goal of becoming the
leading MLI business in the UK. For further information, go to www.industrialsreit.com.

Date: 15-12-2021 04:45:00
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