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")


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

Aggregate of abrdn plc affiliated investment management entities with delegated voting
rights on behalf of multiple managed portfolios

City of registered office (if applicable)

Country of registered office (if applicable)
United Kingdom

4. Details of the shareholder

Full name of shareholder(s) if different from the person(s) subject to the
notification obligation, above

City of registered office (if applicable)

Country of registered office (if applicable)

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 rights                           Total number
                                   % of voting rights    through financial                            of voting
                                   attacjed to shares    instruments (total of    Total of both in    rights held in
                 .                 (total of 8.A)        8.B 1   8.B2                                 issuer

Resulting situation
on the date on which
threshold was                      Below 5%              0.000000                 Below 5%            Below 5%
crossed or reached

Position of previous
notification (if                   5.644996              0.000000                 5.644996

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

GG00BFWMR296                                 Below 5%                                                Below 5%

Sub Total 8.A                       Below 5%                                               Below 5%

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

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

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

Sub Total 8.B2

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

abrdn plc

abrdn plc              Holdings

abrdn plc              Investments

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

In reference to Section 9, the shares detailed are managed by the named discretionary
investment management entity within multiple portfolios on behalf of underlying clients,
based on investment management agreements whereby the client has delegated the exercise
of the voting power to the referenced investment manager.

This disclosure also reflects the fact that the voting rights effectively held indirectly by the
underlying intermediate holding company abrdn Holdings Limited (“aHL”) and held by the
underlying investment management entity abrdn Investments Limited (“aIL”) decreased
below the 5% notifiable threshold due to trading on 25 April 2023. Prior to this crossing,
“aHL” effectively held and “aIL” held 5.091861% of the delegated voting rights.

12. Date of Completion


13. Place of Completion

Aberdeen, United Kingdom

28 April 2023

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: 28-04-2023 12:30:00
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.