Shareholder Update

 INDUSTRIAL MULTI PROPERTY TRUST PLC

Shareholder update

Since the refinancing of Industrial Multi Property Trust plc (the "Company" or the "Group") in December 2013 which provided the security of loan financing for a period of 5 years, the Group's property portfolio has made very good progress. In summary, the active asset management initiatives have helped to secure new lettings and improve occupancy which in turn has been reflected in a higher property portfolio valuation as follows:

· Occupancy - the occupancy level by Estimated Rental Value stood at 87.3% as at 31 March 2015 compared to 84.6% as at 31 December 2013

· New lettings - 109 new lettings and 54 lease renewals achieved during fifteen month period ending 31 March 2015

· Portfolio valuation - the Group's property portfolio was valued at £80.8 million as at 31 March 2015 compared to £77.5 million as at 31 December 2013

· Adjusted NAV per share - 227p as at 31 March 2015 compared to 207p as at 31 December 2013 (restated)

In light of the strong progress made and the high level of net income generated from the portfolio, the Board's objective is to return the Company to a position from which it can resume paying shareholders a material and sustainable dividend. The Board believes that the best way for this to be achieved is through a refinancing of the current capital structure. 

The 2013 refinancing took place against a background of much tougher market conditions and consequently the ongoing financing charges for a significant proportion of the Group's longer term borrowings are relatively high. Since the terms of the loans from Europa Mezzanine Finance Sarl and Alpha Real Trust Limited provide for the payment of certain fees in the event of prepayment in the first three years following drawdown, the Board therefore intends to target a refinancing in the fourth quarter of 2016. Such refinancing could, subject to shareholder approval, include an issue of new equity or other financial instrument which could materially lower the Group's financing charges.

The Board believes that the current share price of the Company, which is at a discount of approximately 76% to the published net asset value of the Group as at 31 March 2015, reflects the company's high gearing and lack of a dividend under its current capital structure rather than the quality of the portfolio and its potential to support a sustainable dividend following a refinancing. The Board also notes that many dividend paying listed funds with UK property portfolios are trading at around or at a premium to net asset value. Accordingly, the Board believes that following completion of a suitable refinancing and a return to dividends, there could be significant upside for shareholders through a potential narrowing of the current discount.

While it is not possible to forecast conditions for refinancing in the fourth quarter of 2016, on the basis the portfolio continues to progress well the Board is optimistic that a refinancing of the Group could be achieved. If, in the event a refinancing is not possible, the Board will consider alternative ways to improve shareholder value at that time including a managed winding up of the Company.

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