Industrials REIT completes further multi-let industrial acquisitions INDUSTRIALS REIT LIMITED (Formerly Stenprop Limited) (Registered in Guernsey with registration number 64865) LSE share code: MLI JSE share code: MLI ISIN: GG00BFWMR296 ("Industrials REIT" or the "Company") 18 January 2022 INDUSTRIALS REIT COMPLETES A FURTHER £17 MILLION OF MULTI-LET INDUSTRIAL ACQUISITIONS Industrials REIT, the UK multi-let industrial (“MLI”) property company, announces that it has completed two MLI acquisitions. The total consideration for the acquisitions is £17.01 million and reflects a blended net initial yield (“NIY”) of 5.8% and an average capital value of £98 per sq ft. These purchases add another 173,000 sq ft of MLI space, and £1.06 million of annualised rent to the Company’s portfolio at average passing rents of £6.61 psf. As a result of these acquisitions and the previously announced (and now completed) CHF12.5 million (£9.9 million) disposal of the property in Lugano, Switzerland, Industrials REIT’s MLI portfolio now accounts for 95% of total assets. The assets acquired were as follows: Beacon Business Park in Caldicot has been acquired for £7.9 million, reflecting a NIY of 6.0% and a capital value of £87 psf. The property comprises 90,847 sq ft of MLI space across 23 units ranging in size from 1,000 sq ft to 25,000 sq ft and generates rent of £506,720, equating to £5.73 per sq ft. The estate is 97% occupied and the vendor is providing a six-month guarantee on the vacant unit, which has already generated strong interest. This purpose-built, modern industrial estate sits in an excellent location within the broader Severn Bridge Industrial Estate in Caldicott, South Wales. Severn Bridge Industrial Estate is located in close proximity to the M4 Motorway and the M4/M5 Interchange, providing easy access to South Wales, Southwest England and the Midlands. The area is characterised by low vacancy levels for industrial space and is experiencing strong growth in demand, particularly for leases in the 1,500 to 10,000 sq ft range. At Belmont Industrial Estate, Durham, a further three industrial terraces comprising Redlake House, Ottery House and Waldon House have been acquired for a combined value of £9.11 million, reflecting a NIY of 5.7% and a capital value of £110 psf. These acquisitions add a further 31 units across 82,538 sq ft of MLI space and generate an annual rent of £550,000, reflecting an average rent of £7.71 per sq ft in addition to the 136,000 sq ft, 37-unit estate the Company bought in this location in November 2020. The three additional terraces are 87% occupied by 26 tenants and the vendor is providing a six- month guarantee on the vacant units. Belmont Industrial Estate is strategically located at Junction 62 of the A1(M) and just 2 miles from Durham City Centre. The light industrial vacancy rate across County Durham and Tees Valley is currently very low, creating an excellent environment for continued high levels of occupation and future rental growth. Will Lutton, Head of Investment at Industrials REIT, commented: “With these acquisitions we have added a new, high quality MLI estate to our portfolio as well as consolidating our holding at Belmont Industrial Estate in Durham. We have identified several opportunities to grow income and asset value from these estates by leasing up the existing vacancy utilising our Industrials Hive operating platform.” This announcement is voluntary and for information purposes only. For further information: Industrials REIT Limited 44(0)20 3918 6600 Paul Arenson (email@example.com) Julian Carey (firstname.lastname@example.org) James Beaumont (email@example.com) 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 firstname.lastname@example.org Java Capital 27 (0)11 722 3050 (JSE Sponsor) About Industrials REIT: Industrials REIT is a UK REIT listed 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: 18-01-2022 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.