Glenstone REIT announced a hostile cash offer for Alternative Income REIT on 12 June, valuing the London-listed net-lease property company at about £56m.
Why Glenstone REIT plc is buying Alternative Income REIT plc
Glenstone sought control of AIRE's portfolio and said that if it owned less than 100% after the offer it would pursue a managed wind-down within about three years, subject to market conditions.
Deal terms and financing
Glenstone raised its offer to a final £57.5m on 6 July; after AIRE paid a 1.4p fourth-quarter dividend the final cash price was 70.0p per share, about 17% below the latest unaudited NAV of 84.4p.
Regulatory approvals and timing
The offer became unconditional on 9 September after Glenstone could count about 50.4% of the shares. It intends to delist AIRE at 75% and squeeze out minorities at 90%.
Market context
Gibson Dunn counted it as the one hostile offer among eight firm UK public offers announced in June 2026. A proposal previously considered from AEW UK REIT did not lead to a firm bid.
