Industrial Multi Property Trust plc, formerly Alpha UK Multi Property Trust plc, is a closed-ended investment company. The Company primarily invests in United Kingdom commercial property. The Company’s objective is to seek improve income, reduce debt and provide the prospect of long term capital growth. The Company’s portfolio consists of a diversified portfolio of about 53 multi‑let properties offering around 507 leasable units with a total floor area of approximately 163,800 square meters (approximately 1.8 million square feet) all of which are located in the United Kingdom. The Company’s portfolio by sectors consists of light industrial properties and office properties. The Company’s investment adviser and manager is Alpha Real Capital LLP

www.alphaukmultipropertytrust.com

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.

Outlook

Industrial Multi Property Trust plc continues to focus on making further progress in preserving and improving the income generated by its property portfolio and enhancing its asset value.

With the current long term financing arrangements in place the Board believes that the Group's strategy provides a strong platform from which to rebuild shareholder value over the medium to long term, recognising that the current financing arrangements have resulted in increased finance costs. The Board is confident that the Group will be able to service its debt, and with an improving secondary commercial property market, the Group and therefore the shareholders may see an improvement in the net asset value in the medium to long term.

As announced on 10 August 2015, the Board will target a refinancing of the portfolio in Q4 2016 and if a refinancing is not possible will continue to review alternative ways to improve shareholder value including a managed winding up of the Company. This will be done with the assistance of Westhouse Securities Limited who has been appointed as Financial Adviser and Broker to work alongside our existing Investment Adviser and Manager, Alpha Real Capital LLP.

still on my own.

Adjusted net asset value ("NAV") per ordinary share - 296 pence as at 30 June 2016 (261 pence at 31 December 2015).

· Adjusted earnings per ordinary share ("EPS") - loss of 6.1 pence for the six months to 30 June 2016 (loss of 7.9 pence for the six months to 30 June 2015).

· New lettings - 27 new lettings and 11 lease renewals achieved during the six months to 30 June 2016 (represents 10.2% of the estimated rental value ("ERV") of the total portfolio based on the final achievable annual rent including stepped rent).

Additional contracted rent - £0.3 million per annum of additional passing rent is contracted to start during the twelve months to 30 June 2017, benefitting cash flow.

· Occupancy improved - the occupancy level by estimated rental value stood at 90.2% as at 31 July 2016 (compared with 89.9% as at 30 June 2016 and 89.3% as at 31 December 2015).
· Portfolio valuation increased - the Group's property portfolio was valued at £85.1 million as at 30 June 2016 (£81.6 million as at 31 December 2015), an increase of £3.5 million (+4.3%) during the six month period.

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· The Directors of Hansteen and the Independent Directors of IMPT are pleased to announce that they have reached agreement on the terms of a recommended all cash offer for the entire issued ordinary share capital of IMPT by Hansteen.

· Under the terms of the Offer, IMPT Shareholders will receive 300p in cash for each IMPT Share held which values the entire issued ordinary share capital of IMPT at £25,228,560.

· The Offer provides an attractive opportunity for IMPT Shareholders to realise in cash, at a premium, their investment in IMPT and represents:

o a premium of 22.4 per cent. over the Closing Price of 245p per IMPT Share on 16 February 2017 (being the latest practicable date prior to this Announcement);

o a premium of 35.1 per cent. to the volume weighted average price of 222.1p per IMPT Share for the three months to 16 February 2017 (being the latest practicable date prior to this Announcement); and

o a premium of 5.6 per cent. over IMPT's last reported NAV at 30 June 2016 of 284p per IMPT Share.

· The IMPT Independent Directors have given notice to IMPT's current investment adviser and manager, Alpha, to terminate the Existing Investment Management Agreement between IMPT and Alpha in accordance with its terms. Hansteen has granted an option to IMPT to appoint Hansteen (or one of its affiliates) as IMPT's new investment adviser and manager, regardless of the outcome of the Offer. The option is conditional upon the Offer becoming unconditional or lapsing.

· Commenting on the Offer, Jonathan Clague, Chairman of IMPT, said:

"The Offer provides all IMPT shareholders with the opportunity of a cash exit at a significant premium to IMPT's recent share price. Furthermore, the 300p per share Offer Price represents considerable progress from IMPT's refinancing in 2013 and over five times the share price of 54p in August 2015 just before IMPT announced initiatives aimed at improving shareholder value."

· The IMPT Independent Directors, who have been so advised by Stockdale, consider the financial terms of the Offer to be fair and reasonable. In providing advice to the IMPT Independent Directors, Stockdale has taken into account the commercial assessments of the IMPT Independent Directors.