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; An acquisition or disposal of financial instruments

3. Details of person subject to the notification obligation

The Goldman Sachs Group, Inc.

City of registered office (if applicable)
Wilmington, Delaware

Country of registered office (if applicable)

4. Details of the shareholder (if different from 3.)

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

Resulting situation
on the date on which
threshold was                      0.000000             0.007242                 0.007242           21500
crossed or reached

Position of previous
notification (if                   5.380993             0.021387                 5.402380

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)

Sub Total 8.A

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

                                                                 Number of voting rights that may
Type of financial                          Exercise/conversion   be acquired if the instrument is      % of voting
instrument               Expiration date   period                exercised/converted                   rights
Lending                  Open                                    21500                                 0.007242

Sub Total 8.B1                                                   21500                                 0.007242

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

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

The Goldman
Sachs Group,
Inc. (Chain 1)

The Goldman
Sachs Group,           Goldman Sachs
Inc. (Chain 1)         (UK) L.L.C.
The Goldman            Goldman Sachs
Sachs Group,           Group UK
Inc. (Chain 1)         Limited

The Goldman
Sachs Group,           Goldman Sachs
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, positions previously reportable are now exempt under the market making
exemption as they are below the 10% limit.

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

General email contact:

12. Date of Completion

13. Place of Completion
2 May 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: 02-05-2023 03:30:00
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.