Glenstone REIT (LSE:AIRE), a real estate investment trust, has launched a formal all-cash takeover offer for Alternative Income REIT at 70 pence per share, valuing the company at approximately £56.35 million.
Glenstone, which already holds around 24% of Alternative Income REIT, said it was prompted to act by concerns over potential portfolio issues, the rejection by the independent board of proposals to cut operating costs, and the absence of a viable exit for its investment following the collapse of a rival takeover approach by AEW UK REIT in April.
The offer requires acceptance from holders of at least 50% of shares and is expected to become unconditional in the third quarter of 2026.
Glenstone has secured an irrevocable undertaking from a director and a non-binding letter of intent from Hawksmoor Investment Management, together representing an additional 8.53% of Alternative Income REIT's share capital.
An offer document setting out the full timetable will follow in due course.
