INDUSTRIALS REIT LIMITED
                                            (formerly Stenprop Limited)
                                              (Registered in Guernsey)
                                           (Registration number 64865)
                                     LSE share code: MLI JSE share code: MLI
                                               ISIN: GG00BFWMR296
                                      ("Industrials REIT" or the "Company")
19 August 2022

Notification and public disclosure of transactions in accordance with the Market Abuse Regulation.

On 18 August 2022, Lonat Limited sold 3,000,000 ordinary shares in the Company at a price of £1.75 per share.
Paul Arenson, Chief Executive Officer of Industrials REIT Limited, is a discretionary beneficiary of the Lonat Trust,
which has a beneficial interest in Lonat Limited.

The net proceeds of the sale, being £5,239,499, will be utilised to part repay total loans of £6,509,042 owed by
Lonat Limited to Stenprop Industrials Holdings Limited, a wholly owned subsidiary of the Company. The loans
were made in three tranches between 2015 and 2017 under the Company Share Purchase Plan approved by
shareholders at the 2015 annual general meeting of the Company . The interest rate on the loans was equivalent
to the Company’s average cost of borrowing, which was 2.16% per annum as at 31 March 2022. The loans were
secured against 5,392,536 ordinary shares in Industrials REIT Limited and due for repayment between 2025 and
2027. Lonat Limited has committed to repay the balance of the loans by way of a cash transfer of an additional
£1,269,543 within the next seven working days. After this transfer, the loans will be fully repaid.

Following this transaction, the direct and indirect interest of Paul Arenson in the share capital of the Company
will total 13,598,296 ordinary shares, equivalent to 4.55% of the issued share capital.

The proceeds from the repayment of the loans will be used by the Company to fund the acquisition of further MLI
properties.

This announcement is made in accordance with Article 19 of the UK Market Abuse Regulation.

 1     Details of the person discharging managerial responsibilities / person closely associated

 a)    Name                               Lonat Limited


 2     Reason for the notification

 a)    Position/status                    Paul Arenson, Chief Executive Officer of Industrials REIT Limited, is a
                                          discretionary beneficiary of the Lonat Trust, which has a beneficial
                                          interest in Lonat Limited
 b)    Initial notification /Amendment    Initial notification


 3     Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction
       monitor

 a)    Name                               Industrials REIT Limited


 b)    LEI                                5493004JYL71EMLTB211
 4    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of
      transaction; (iii) each date; and (iv) each place where transactions have been conducted


 a)   Description of the financial Ordinary shares with a nominal value of €0.000001258
      instrument, type of instrument

      Identification code               GG00BFWMR296

 b)   Nature of the transaction         Sale of 3,000,000 ordinary shares


 c)   Price(s) and volume(s)
                                            Price(s)                 Volume(s)
                                            £1.75                    3,000,000

 d)   Aggregated information

      - Aggregated volume               3,000,000

      - Price                           £5,250,000

 e)   Date of the transaction           2022-08-18


 f)   Place of the transaction          London Stock Exchange, XLON


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.