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It’s no accident that Industrials Reit emerged as one of the JSE’s top-performing property stocks in 2021. The UK-focused counter, which has its primary listing on the LSE, delivered a total return of more than 60% last year after making impressive headway in transforming its portfolio over the past few years.  

Under its previous guise as Stenprop, it owned a rather curious mixed bag of assets. However, the company is now well on its way to becoming a major player in the UK purpose-built multilet industrial (MLI) space — essentially, large business parks that offer multiple warehouse units of about 350m². Industrials Reit has a diverse base of about 1,500 tenants, most of them small or medium enterprises and including a growing tally of manufacturers that have brought their operations on-shore following Brexit...

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