1st Quarter Trading Update

20 May 2016

INDUSTRIAL MULTI PROPERTY TRUST PLC

(the "Company" or together with its subsidiaries the "Group")

Industrial Multi Property Trust plc is today announcing its trading update for the quarter ending 31 March 2016 and the period up until the date of this announcement. The information contained herein has not been audited.

Highlights:

· Adjusted net asset value ("NAV") per ordinary share - 263 pence as at 31 March 2016 (261 pence at 31 December 2015), an increase of 2 pence (+0.8%)

· Adjusted earnings per ordinary share ("EPS") - loss of 4.2 pence for the three months to 31 March 2016 (loss of 18.1 pence for the twelve months to 31 December 2015)

· Portfolio valuation increased - the Group's property portfolio was valued at £82.1 million as at 31 March 2016 (£81.6 million as at 31 December 2015), an increase of £0.5 million (+0.55%)

· Occupancy improved - the occupancy level measured by Estimated Rental Value ("ERV") stood at 90.0% as at 31 March 2016, compared with 89.3% as at 31 December 2015, an increase of 0.7%

· New lettings achieved - 11 new lettings and 4 lease renewals achieved during the quarter ending 31 March 2016 (representing 5.3% of the estimated rental value ("ERV") of the total portfolio, based on the final achievable annual rent including stepped rent)

· Units under offer to let - a further 9 units are currently under offer to let representing 1.5% occupancy measured by ERV

Revaluation and NAV

The Group's property portfolio was valued at 31 March 2016 by Cushman & Wakefield (formerly DTZ Debenham Tie Leung Limited) at £82.1 million and will next be valued by an independent valuer as at 30 June 2016.

The Company's adjusted NAV per ordinary share was 263 pence as at 31 March 2016 which represents an increase of 0.8% from 261p reported at 31 December 2015. Primarily, this increase resulted from the revaluation of the property portfolio, partly offset by losses after finance costs.

Adjusted EPS

The Company's adjusted EPS was a loss of 4.2 pence during the quarter ended 31 March 2016. Despite the improved occupancy and underlying rental income, the adjusted EPS loss is primarily due to finance costs.  

Property Update

Tenant/letting activity can be summarised as follows:

The Investment Adviser and Manager continues to progress the strategy to deliver shareholder value, namely:

· To enhance net rental income

· To reduce borrowings and to reduce the loan to value through limited strategic sales

· To deploy capital when 'value add' opportunities are identified

· To actively progress with refinancing options, at an optimum time to mitigate the effects of the loan facilities early repayment penalties

· To actively review the potential to resume payments of dividends

Occupancy across the portfolio has increased with 90.0% of the portfolio let as at 31 March 2016 based on ERV, compared with 89.3% as at 31 December 2015. Progress continues to be made in letting void units; 11 new lettings and 4 lease renewals have been successfully completed in the quarter to 31 March 2016 at a final achievable annual rent, including stepped rent, of approximately £0.5 million per annum.

Contact:

Jonathan ClagueChairman, Industrial Multi Property Trust Plc+44 (0) 1624 681250Tom PissarroFund Manager, Alpha Real Capital LLP +44 (0) 20 7391 4714

Alastair MoretonFinancial Adviser and Broker, Stockdale Securities Ltd +44 (0) 20 7601 6100

For more information on the Company please visit www.industrialmultipropertytrust.com

For more information on the Company's Investment Manager please visit www.alpharealcapital.com.

FORWARD LOOKING STATEMENTS

This trading update contains forward-looking statements which are inherently subject to risks and uncertainties because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are based on the Board's current view and information known to them at the date of this statement. The Board does not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this trading update should be construed as a profit forecast