Alternative Income REIT announces board changes amid takeover

LONDON - Alternative Income REIT PLC (AIRE) revealed recent board changes and the outcome of its takeover offer by Glenstone REIT PLC, as reported in a press release. Benjamin Green and Robert Maybury were appointed to the board, while Stephanie Eastment resigned as Interim Chair and Non-Executive Director.

Green, who has been with Glenstone since 2011, will serve as Managing Director. A Fellow of the Association of Chartered Certified Accountants, he holds over two decades of professional experience in finance. Maybury, Glenstone's Finance Director since 2017, brings a wealth of expertise in the field.

Eastment's departure was deemed necessary to ensure a smooth transition of the board amid Glenstone's acquisition progress. Adam Smith has rejoined the board since September 15. The board reiterated its recommendation for shareholders to accept Glenstone's offer of 70.0 pence per share per share. They argued that the cash offer provides certainty compared to the risks associated with remaining a minority shareholder in Glenstone-controlled company.

Glenstone aims to obtain full control of AIRE's share capital, which would prompt the cancellation of AIRE shares on the London Stock Exchange's main market and listing on the Financial Conduct Authority's Official List. The board of AIRE maintains its stance that at least one independent director, not affiliated with Glenstone, should remain on the board. The company focuses on generating income returns through a diversified portfolio of UK property investments in alternative and specialist real estate sectors.