Glenstone urges AIRE shareholders to accept 70p cash offer

LONDON - The REIT Glenstone PLC has informed share dealing platforms to accept instructions from shareholders of Alternative Income REIT PLC regarding their 70 pence per share cash offer, as per a recent press release. The competing offer from AEW UK REIT PLC must be either confirmed or withdrawn by Friday, according to the release.

AEWU proposed an all-share offer for AIRE on July 16, 2026. Glenstone's offer remains valid until 1:00 p.m. on September 4, 2026, irrespective of AEWU's decision. The company clarified that acceptance counts reported daily only include actual submissions received, as platforms usually compile client acceptances later in the offer timeline.

The offer price was lowered to 70 pence per share from 71.4 pence after AIRE issued a 1.4 pence per share dividend on August 15, 2026. Shareholders who owned shares as of July 31, 2026, are entitled to the full dividend under the offer provisions. Glenstone noted that certain share-dealing platforms set internal deadlines earlier than the September 4 deadline during the week starting August 31, 2026.

Hargreaves Lansdown, Interactive Investor, and AJ Bell are among the platforms that will register client acceptances with the receiving agent right before the September 4 deadline. The offer follows the City Code on Takeovers and Mergers framework, necessitating individual shareholders to submit acceptance instructions through their platforms.

Glenstone retains the authority to modify financial terms if a third party declares a firm intention to make an offer for AIRE.