TR-1: Standard form for notification of major holdings

(Registered in Guernsey)
(Registration number 64865)
LSE share code: MLI JSE share code: MLI
(“Industrials REIT” or the “Company”)

TR-1: Standard form for notification of major holdings

1. Issuer Details
   Issuer Name
   Industrials REIT Limited
   UK or Non-UK Issuer

2. Reason for Notification
   An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation
   Public Investment Corporation SOC Limited
   City of registered office (if applicable)
   Country of registered office (if applicable)
   South Africa

4. Details of the shareholder (if different from 3.)
   Name      City of registered office                  Country of registered office

5. Date on which the threshold was crossed or reached

6. Date on which Issuer notified

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

                                   % of voting          % of voting rights
                                   rights attached to   through financial        Total of both      Total number of
                                   shares (total of     instruments (total of    in % (8.A   8.B)   voting rights held
                 .                 8.A)                  8.B 1   8.B 2)                             in issuer

  Resulting situation              1.744%                                        1.744%             5,136,603
  on the date on which
  threshold was
  crossed or reached

  Position of previous             3.172%                                        3.172%
  notification (if                     

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 voting           Number of indirect   % of direct voting   % of indirect voting    
   ISIN code(if                rights (DTR5.1)                   voting rights        rights (DTR5.1)      rights (DTR5.2.1)
   possible)                                                     (DTR5.2.1)
   GG00BFWMR296                5,136,603                                              1.744%
   Sub Total 8.A               5,136,603                                              1.744%

8B1.Financial Instruments according to (DTR5.3.1R.(1) (a))
                                                               Number of voting rights that may be          % of
   Type of financial         Expiration   Exercise/conversion  acquired if the instrument is                voting
   instrument                date         period               exercised/converted                          rights             
Sub Total 8.B1                                                 NIL                                          NIL

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

Sub Total 8.B2                                                                     NIL                 NIL

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

   Public Investment
   Corporation SOC               1.744%                                                           1.744%

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


12.Date of Completion
   21 November 2022

13.Place of Completion
   Pretoria, South Africa

4 November 2022

For further information:
Industrials REIT Limited                                                                   44(0)20 3918 6600
Paul Arenson (
Julian Carey (
James Beaumont (

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
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

Date: 22-11-2022 01:30:00
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