TR-1: Standard form for notification of major holdings

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


TR-1: STANDARD FORM FOR NOTIFICATION OF MAJOR HOLDINGS


1. Issuer Details

ISIN
GG00BFWMR296

Issuer Name
Industrials REIT Limited

UK or Non-UK Issuer
Non-UK

2. Reason for Notification 2. Reason for Notification

An acquisition or disposal of voting rights; An acquisition or disposal of financial instruments

3. Details of person subject to the notification obligation

Name
The Goldman Sachs Group, Inc.

City of registered office (if applicable)
Wilmington, Delaware

Country of registered office (if applicable)
USA

4. Details of the shareholder

Name                               City of registered office   Country of registered office
Goldman Sachs International        London                      United Kingdom

5. Date on which the threshold was crossed or reached

25-Apr-2023

6. Date on which Issuer notified

27-Apr-2023

7. Total positions of person(s) subject to the notification obligation

                                                       % of voting rights
                                  % of voting rights   through financial                           Total number of
                                  attached to shares   instruments (total of   Total of both in    voting rights held  
                                  (total of 8.A)       9.B 1   8.B 2)          % (8.A   8.B)       in issuer
                                                       
Resulting situation
on the date on
which threshold                   5.380993             0.021387                5.402380            16037530
was crossed or
reached

Position of previous
notification (if
applicable)

8. Notified details of the resulting situation on the date on which the threshold was
crossed or reached

8A. Voting rights attached to shares

Class/Type of shares           Number of direct
ISIN code (if                  voting rights        Number of indirect          % of direct voting      % of indirect voting
possible)                      (DTR5.1)             voting rights (DTR5.2.1)    rights (DTR5.1)         rights (DTR5.2.1)

GG00BFWMR296                                        15974040                                            5.380993

Sub Total 8.A                  15974040                                         5.380993%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

                                                                         Number of voting
                                                                         rights that may be
Type of financial                              Exercise/conversion       acquired if the 
instrument                   Expiration date   period                    instrument is            % of voting rights
                                                                         exercised/converted

Securities
Lending                      Open                                        36725                    0.012371

Sub Total 8.B1                                                           36725                    0.012371%

8B2. Financial Instruments with similar economic effect according to
(DTR5.3.1R.(1) (b))

Type of
financial            Expiration    Exercise/conversion    Physical or cash     Number of voting   % of voting
instrument           date          period                 settlement           rights             rights

                     16-Sep-
Swap                 2025                                 Cash                  21370              0.007199
                     
                     15-Jan-
Swap                 2024                                 Cash                  4487               0.001511
                   
                     17-Mar-
Swap                 2033                                 Cash                  908                0.000306
                     
Sub Total 8.B2                                                                  26765              0.009016%

9. Information in relation to the person subject to the notification obligation

2. Full chain of controlled undertakings through which the voting rights and/or the financial
instruments are effectively held starting with the ultimate controlling natural person or legal
entities (please add additional rows as necessary)

                                                                   % of voting rights
                                            % of voting rights     through financial     Total of both if it
Ultimate controlling   Name of controlled   if it equals or is     instruments if it     equals or is higher
person                 undertaking          higher than the        equals or is higher   than the notifiable
                                            notifiable threshold   than the notifiable   threshold
                                                                   threshold

The Goldman
Sachs Group,
Inc. (Chain 1)

The Goldman            Goldman
Sachs Group,           Sachs (UK)           5.380993               0.021387              5.402380%
Inc. (Chain 1)         L.L.C.

The Goldman            Goldman
Sachs Group,           Sachs Group          5.380993               0.021387              5.402380%
Inc. (Chain 1)         UK Limited

The Goldman            Goldman
Sachs Group,           Sachs                5.380993               0.021387              5.402380%
Inc. (Chain 1)         International

10. In case of proxy voting

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional Information

Please note, the total amount of voting rights have been rounded to 6 decimal places
therefore there is a possibility of a rounding error.

General email contact:
gs-regops-emea-position-enquiries@gs.com

12. Date of Completion

27-Apr-2023

13. Place of Completion

Warsaw
28 April 2023

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
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.

Date: 28-04-2023 12:31:00
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