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
    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
    26-May-2023

6.  Date on which Issuer notified
    01-Jun-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)        8.B 1   8.B 2)            % (8.A   8.B)          in issuer                 

    Resulting situation
    on the date on
    which threshold          10.024471             0.007809                  10.032280              29781872
    was crossed or
    reached

    Position of
    previous
    notification (if         0.000000              0.007242                  0.007242
    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                                % of direct
    ISIN code(if               voting rights       Number of indirect          voting rights    % of indirect voting
    possible)                  (DTR5.1)            voting rights (DTR5.2.1)    (DTR5.1)         rights (DTR5.2.1)

    GG00BFWMR296                                   29758690                                     10.024471

    Sub Total 8.A              29758690                                        10.024471%

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            Open                                     917                        0.000309
    Lending

Sub Total 8.B1                                                     917                        0.000309%

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
    
                 
    Swap         16-Sep-                               Cash                16835               0.005671
                 2025

    Swap         15-Jan-                               Cash                4516                0.001521            
                 2024                                  
                 
    Swap         03-May-                               Cash                914                 0.000308
                 2033

    Sub Total 8.B2                                                         22265               0.007500%

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

    The Goldman
    Sachs Group,
    Inc. (Chain 1)

    The Goldman           Goldman
    Sachs Group,          Sachs (UK)            10.024471                0.007809              10.032280%
    Inc. (Chain 1)        L.L.C.

    The Goldman           Goldman
    Sachs Group,          Sachs Group           10.024471                0.007809              10.032280%
    Inc. (Chain 1)        UK Limited

    The Goldman           Goldman
    Sachs Group,          Sachs                 10.024471                0.007809              10.032280%
    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
    01-Jun-2023

13. Place Of Completion
    London


2 June 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: 02-06-2023 01:30:00
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