Notification and public disclosure of a transaction by a director in accordance with the Market Abuse
Regulations.

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")

22 June 2022

Notification and public disclosure of a transaction by a director in accordance with the Market Abuse
Regulations.

On 20 June 2022, Dr Louisa Bell, Non-Executive Director of Industrials REIT, has purchased 20,000 shares in the
Company.

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                               Dr Louisa Bell


 2    Reason for the notification

 a)   Position/status                    Independent Non-Executive Director


 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    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 Purchase of shares – direct beneficial
      extent of director’s interest


 c)   Price(s) and volume(s)
                                         Price(s)                   Volume(s)
                                         £1.74375                   20,000

 d)   Aggregated information

      - Aggregated volume                20,000

      - Price                            £34,875

 e)   Date of the transaction            2022-06-20


 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 with a primary listing on the London Stock Exchange and a secondary listing on the
JSE. 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.

Date: 22-06-2022 12:30:00
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