Industrials REIT acquires four multi-let estates for £21 million 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") 20 April 2022 INDUSTRIALS REIT ACQUIRES FOUR MULTI-LET ESTATES FOR £21 MILLION TAKING PORTFOLIO PAST SEVEN MILLION SQ FT Industrials REIT, the UK multi-let industrial (“MLI”) property company, announces that it has acquired four multi-let industrial estates, in Boston, Barnsley, Leeds and Stockton on Tees, for a total consideration of £20.86 million. The purchase price reflects a blended net initial yield (“NIY”) of 5.7% and an average capital value of £80 per sq ft. Totalling 260,000 sq ft, the assets generate £1.25 million of annualised rent which equates to a low average passing rent of £4.82 psf. Following these transactions, Industrials REIT’s MLI portfolio now comprises 105 estates across 7.1 million sq ft of space. The individual assets are: - Haven Business Centre, Boston, acquired for £4.0 million, reflecting a NIY of 7.1% and a capital value of £69 psf. The property is 100% occupied and comprises 58,148 sq ft of MLI space across 22 units, generating annual rent of £301,649 which equates to £4.98 per sq ft. Haven Business Centre is a modern estate offering purpose-built units of between 1,500 and 13,000 sq ft, which are highly sought after by SMEs in the local market. - Twibell Street Trade Park, Barnsley, acquired for £5.85 million, reflecting a NIY of 5.25%. The purpose-built, modern industrial estate totals 54,978 sq ft across five units and is 100% occupied, generating annual rent of £327,070 which equates to £5.95 per sq ft. - Astra Park, Leeds, acquired for £6.7 million, reflecting a NIY of 4.8% and a capital value of £93 psf. 100% occupied, it offers 72,069 sq ft of MLI space across 16 units and generates rent of £341,249, equating to low passing rent of £4.74 per sq ft. Astra Park is a highly sought after MLI hub, strategically located just two kilometres south of Leeds City Centre. The local area is characterised by a shortage of available units, which is expected to underpin future rental growth in addition to offering medium to long term development opportunities given the low site density. - Units 1-12, Primrose Hill Industrial Estate, Stockton on Tees, acquired for £4.31 million, reflecting a 6.2% NIY and a capital value of £57 per sq ft. The property totals 75,270 sq ft across 13 units and generates rent of £286,172, equating to £3.80 per sq ft. The modern, purpose- built estate is 100% leased to 11 occupiers and benefits from its location in the centre of Stockton-on-Tees. Will Lutton, Head of Investment at Industrials REIT, commented: “These properties, which take our MLI portfolio past seven million sq ft, are fully aligned with our objective of investing in purpose built MLI estates let off low passing rents and located in densely populated areas which are witnessing strong economic activity. The regional MLI market is characterised by record low vacancy and strong tenant demand, demonstrated by the 100% occupancy levels across these assets. In addition to a mix of near and more medium term asset management opportunities, we are confident of capitalising on current demand to drive rents through our Industrials Hive operating platform.” Industrials REIT were represented by HSM, CPP and Ryden on these transactions. This announcement is voluntary and for information purposes only. For further information: Industrials REIT Limited 44(0)20 3918 6600 Paul Arenson (firstname.lastname@example.org) Julian Carey (email@example.com) James Beaumont (firstname.lastname@example.org) 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 email@example.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: 20-04-2022 08:00:00 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.