Timeline

• December - The year closes with RPUT again having outperformed MSCI All Industrial across 1, 3 and 5 year periods.

• December - Another year of rigorous asset management saw RPUT’s contracted rent increase by 10% on a like for like basis through 2023.

• December - The lease renewal with City of Edinburgh Council across c.25,000 sq ft at Prestonfield, Edinburgh completes on a 25 year lease (unbroken term). The new rent represented an uplift of 48% over previous passing rent.

• December - Acquisition: Unit 7 at Birmingham Trade Park (5,681 sq ft) is acquired off-market from the owner occupier. The building was the only unit on the estate that RPUT didn’t acquire at acquisition in May 2017. The gross purchase price of Unit 7 including projected capex was lower than the prevailing valuation of the estate. A minor refurbishment will follow and quick letting up is anticipated.

• December - Two leases with GXO (who acquired Clipper plc) were renewed at Gelderd Road, Leeds across c.91,000 sq ft at a rent reflecting a 36% uplift to previous passing.

• October - Ribston Ltd enter into an agreement to provide scholarships and support to students at Northumbria University, an initiative run by the University’s hardship fund.

• September - Sale: Three units across c.25,000 sq ft let to one tenant in Fareham sold at a price reflecting a NIY of 4.4% and a substantial premium to gross cost and prevailing valuation. The property had been acquired in January 2019 and the sale produced an IRR of 15.9%.

• June – Lettings: The Caesar portfolio is fully let following acquisition in January 2022 and a series of lettings to multiple occupiers including Norcros UK.

• May – Sales: Two single-let assets in Bromborough and Tannochside, both acquired in November 2018, were sold in two separate transactions for a combined price of £2.9m, representing a sizeable profit over gross acquisition cost and prevailing valuations and a combined IRR of 8.9%.

• April - React News article ‘Industrial has risen up the investment ranking but it still pays to be picky’ guest written by James Havery. Press Release.

• January – Letting: Following the vacation of c. 100,000 sq ft across three buildings at Taylor Business Park by Jungheinrich in October 2021, a comprehensive refurbishment programme was completed which included removing and replacing the old asbestos roofs. Approximately 50% of the space has been let in a lettings to tenants including McQueens Dairies, Amco Griffin and Cancer Research UK.

• December – RPUT closes the year having outperformed MSCI All Industrial over 1, 3 and 5 year periods.

• December - After a year of rigorous asset management RPUT’s contracted rent grew on a like for like basis of 15% through 2022.

• September - Truss/Kwarteng Mini-Budget and change in capital market’s sentiment.

• February – Ribston relocates its London office to Vox Studios in Vauxhall.

• February – Ribston Ltd donates to UNICEF Ukraine appeal.

• January – Acquisition: RPUT completes the c.£25m acquisition of the Caesar Portfolio: three very modern, prime multi-let estates in and around Edinburgh extending to c.170,000 sq ft and with an uncharacteristically high void rate of 11.1%.

• January – Further equity is committed to RPUT by Unitholders and by Ribston.

• December – RPUT closes the year marking its fifth anniversary since launch with gross assets of c.£250m across 43 properties, and with other acquisitions in the legal process.

• November - Acquisition: RPUT acquires AMH55, Birmingham. The 54,315 sq ft unit is superbly located in Aston alongside the M6 near Spaghetti Junction and close to Birmingham city centre. It is let for 18 years to a tenant who has been in occupation for over 30 years.

• October – Acquisition: RPUT acquires Unit B Presidents Park, Sheffield. The 24,122 sq ft modern property is let for 13.5 years and is situated in a prominent position close to the city centre on a main arterial road.

• April – Acquisition: RPUT acquires Printworks, Cardiff adjacent to other RPUT holdings. The 4.9 acre site has planning permission for a 48,430 sq ft industrial development on part. A bespoke printworks built for The Western Mail stands on the site and is occupied short term by the BBC. Following their vacation later in the year, demolition of the building will commence in October 2021 in advance of phase 1 being developed (48,430 sq ft).

• March – Sale: Enterprise Court, Bradford is sold for £3.4m capturing a large capital profit over the gross acquisition cost (May 2018) and prevailing valuation generating an IRR of 9.6%.

• January – the UK enters its third national Lockdown on 6th January in response to Covid 19, ultimately ending on 8th March.

• December - RPUT closes the year marking its fourth anniversary since launch with gross assets of c.£200m across 41 assets.

• December - Sale: Otterwood Square, Wigan is sold for £1.66m capturing a substantial capital profit over cost (June 2018) and prevailing valuation producing an IRR of 18.4%.

• November - The UK enters its second national Lockdown, ultimately lasting one month.

• October - Acquisition: RPUT acquires Prestonfield Park, Edinburgh, a 99,835 sq ft prime city centre multi-let estate occupied by tenants including Edinburgh City Council, Howden Joinery, CEF and City Plumbing.

• September - Acquisition: RPUT buys on Parkway, Sheffield. The property extends to 36,794 sq ft on a 1.67 acre site and is let in its entirety to SIG Trading Limited.

• August - Acquisition: RPUT completes the purchase of Bridge Works, Elland Road, Leeds. The property extends to 23,699 sq ft on a 2.13 acre high profile site, which is let in its entirety to Saint-Gobain t/a Gibbs & Dandy Builders Merchant. It is located close to both Leeds city centre and motorway junctions. Press Release.

• July - Acquisition: RPUT completes the purchase of Units 1 and 2 Gelderd Road, Leeds. The prime property extends to 90,464 sq ft and is let to Clipper Logistics plc who operate a contract from the buildings for a major UK supermarket. It is located close to both Leeds city centre and motorway junctions. Press Release.

• May - Acquisition: RPUT purchases Causewayside, Edinburgh. The city centre multi-let industrial estate extends to 23,362 sq ft.

• March – the UK enters the first of three national Lockdowns in response to Covid-19. Ribston immediately focuses the operations on navigating the new environment. This culminated in very strong rent collection both in absolute and relative to peer group terms.

• January – RPUT starts the next phase of its life as a new Evergreen structure, with gross assets in excess of £153m across 37 assets, and with ample firepower to continue the piecemeal aggregation of assets.

• January - Ribston relocates to Wilton Street, London.

• December - The re-structuring of RPUT from a closed ended to an open ended fund completes. Substantial further equity is committed by existing Unitholders and by Ribston.

• December - The Conservatives secure a Tory majority following a leadership contest in June/July and subsequent snap General Election.

• September - Ribston’s asset management continues to grow with the appointment of Oliver Graham in the role of Graduate Surveyor.

• January and March - Acquisition: RPUT makes two acquisitions in Fareham and Darlington combining to 48,147 sq ft.

• December - The year closes with gross assets of in excess of £140m across a portfolio of 35 assets extending to over 2m sq ft.

• December - The facility with Barclays is increased to fund new acquisitions.

• November - Sale: RPUT completes its first sale – a detached and newly vacated unit in Leeds extending to 10,003 sq ft is sold at a substantial uplift to cost and prevailing valuation to an adjoining owner and proceeds are recycled into new acquisitions.

• September - Acquisition: RPUT completes the acquisition of Taylor Business Park, Warrington a very well located multi-let estate extending to 286,333 sq ft across 63 units on a 55 acre site.

• September - RPUT enters into a senior debt facility with Barclays providing further firepower to fund new acquisitions.

• July - RPUT’s property portfolio valuation, and equity deployed since launch, exceed £100m.

• July - Acquisition: RPUT acquires Pinnacle Point, Wolverhampton, a strategically located multi-let industrial estate at Junction 2 of the M54, extending to 144,449 sq ft across 12 units.

• July - As the investment programme continues, substantial further equity is committed by existing Unitholders.

• April - Former colleague Adam Morgan joins Ribston from Hansteen Holdings plc as Senior Asset Manager.

• December - The year closes, marking RPUT’s first anniversary, having deployed £59m of equity across 17 properties transacted in 16 deals.

• October - As the investment programme continues, a further £26m of equity is committed by new and existing Unitholders.

• August - Acquisition: RPUT makes its first acquisition in Scotland, buying Oakbank Industrial Estate in central Glasgow. The city centre multi-let industrial estate has 32 units across 87,474 sq ft.

• May - Acquisition: RPUT purchases Mercury Court, Trafford Park. A strategically located multi-let industrial estate.

• April - Toby Mott joins Ribston as Group Financial Controller.

• March - Acquisition: RPUT’s maiden acquisition completes at Bredbury, South Manchester on time and on budget. The steady programme of property by property acquisitions is kicked off.

• December - RPUT is established as a closed ended vehicle with £75m of equity commitments from clients of Aviva Investors Real Estate Multi Managers* and co-investment by Ribston.

• June - The UK votes to leave the EU in a shock outcome of the Brexit Referendum. Fundraising is paused, Ribston pivot and the Proposition is subsequently amended.

• April - Ribston officially launches with offices based in London and Leeds, and fundraising for RPUT commences.

*In (January 2019) Aviva Investors Real Estate Multi Managers was acquired as a business by LaSalle Investment Management (LIM) and RPUT’s Unitholders became clients of LIM.