Notification and public disclosure of transactions by a director in accordance with the Market Abuse Regulation

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")

18 February 2022

Notification and public disclosure of transactions by a director in accordance with the Market Abuse Regulation.

On 17 February 2022, Mr James Beaumont, Chief Financial Officer of Industrials REIT, exercised vested nil-cost
options awarded under the Industrials REIT Deferred Share Bonus Plan and subsequently sold all 40,304
ordinary shares received as a result of this exercise. Clearance to deal was granted in respect of all dealings.

The Company utilised treasury shares to settle the exercise of the nil-cost options. Following these transactions,
the total number of treasury shares held by the Company is 6,520,962 and the total number of shares in issue
less shares held in treasury is 292,254,213.

This announcement is made in accordance with Article 19 of the UK Market Abuse Regulation.

 1    Details of the person discharging managerial responsibilities / person closely associated

 a)   Name                               Mr James Beaumont

 2    Reason for the notification

 a)   Position/status                    Chief Financial Officer


 b)   Initial notification /Amendment    Initial notification


 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction
      monitor

 a)   Name                               Industrials REIT Limited


 b)   LEI                                5493004JYL71EMLTB211


 4.1 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of
     transaction; (iii) each date; and (iv) each place where transactions have been conducted


 a)   Description of the financial       Nil-cost options
      instrument, type of instrument

      Identification code                N/A

 b)   Nature of the transaction and Exercise of vested nil cost options – Direct beneficial.
      extent of director's interest


 c)   Price(s) and volume(s)
                                         Price(s)                 Volume(s)
                                         Nil cost                 40,304

 d)   Aggregated information

      - Aggregated volume                40,304

      - Price                            £nil

 e)   Date of the transaction            2022-02-17


 f)   Place of the transaction           Off-market exercise of nil-cost options

 4.2 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of
     transaction; (iii) each date; and (iv) each place where transactions have been conducted

 a)   Description of the financial Ordinary shares with a nominal value of €0.000001258
      instrument, type of instrument

      Identification code                GG00BFWMR296

 b)   Nature of the transaction and Sale of 40,304 ordinary shares– Direct beneficial
      extent of director's interest


 c)   Price(s) and volume(s)
                                         Price(s)                 Volume(s)
                                         £1.96                    40,304

 d)   Aggregated information

      - Aggregated volume                40,304

      - Price                            £78,995.84

 e)   Date of the transaction            2022-02-17

 f)   Place of the transaction           London Stock Exchange, XLON


For further information:
Industrials REIT Limited                                                                 44(0)20 3918 6600
Paul Arenson (paul.arenson@industrials.co.uk)
Julian Carey (julian.carey@industrials.co.uk)
James Beaumont
(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                                                                             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: 18-02-2022 12:30:00
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