Industrials REIT: Q2 Trading Update

29th October 2021

MLI trading update Q2 FY22

MLI Portfolio increases to 92% with a further seven acquisitions over quarter.

Industrials REIT Limited (“Industrials REIT” or the “Company”), the UK multi-let industrial (“MLI”) property company, today publishes a trading update on its UK MLI portfolio for the period 1 July 2021 to 30 September 2021 and up-to-date information on transactions and rent collection across the Company’s whole portfolio.

Commenting on the trading update Paul Arenson, CEO of Industrials REIT, said:

“This has been another strong period of rental growth across the MLI portfolio, resulting in a fourth successive quarter of 20%+ average rental uplifts at renewal or upon reletting. This growth continues to be driven by a combination of strong tenant demand and a lack of available product in the market, leading to customers competing for space when good quality units become available. Occupancy levels remain strong and the underlying estimated rental levels are currently showing an underlying growth rate of 6.5% year on year.

“We also made good progress transactionally, successfully completing the £55 million disposal of our largest remaining non-MLI asset during the quarter taking our total MLI percentage to 92% having also deployed £36.5 million into seven new MLI estates. Since the quarter end, we have successfully closed on a further £18 million of new MLI purchases in Stockton on Tees, Birkenhead and Coatbridge and have a strong pipeline of potential MLI opportunities heading into the second half of the financial year.

“Following the rebrand of the Company to Industrials REIT in September, we now enter the second half of the financial year during which we expect to move to the premium segment of the Main Market of the London Stock Exchange in early 2022, and complete the sale of our remaining two non-MLI properties to complete our four-year transition into a 100% multi-let industrial company. Going forward, our focus will be on scaling the business and enhancing returns through our Industrials Hive operating platform.”

News in full

In the film below Industrials REIT CEO Paul Arenson highlights the ongoing trend to MLI, hastened by the COVID enforced lockdowns

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Stenprop CEO Paul Arenson
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