Glenstone REIT PLC has urged shareholders of Alternative Income REIT plc (AIRE) to accept its final cash offer of 70p per share, stating the terms will not be increased unless a third party submits a firm bid for AIRE.
The offer, valued at £115.7 million based on AIRE’s issued share capital, was published on July 6, 2026. Glenstone currently holds 25.38% of AIRE’s shares, according to the offer document. The closing deadline for acceptances is set for 1:00 p.m. on Friday, September 4, 2026.
AIRE’s board has not provided a dividend target for the financial year ending June 30, 2027, following dividends of 5.6p per share in the prior year and 6.2p in 2025. Glenstone also highlighted concerns over potential vacancies in AIRE’s portfolio due to the closure of Meridian Steel, a tenant.
AEW UK REIT plc, which has previously expressed interest in AIRE, must either announce a firm intention to make an offer or withdraw its interest by 5:00 p.m. on Friday, August 28, 2026. If Glenstone’s offer lapses, the company intends to support a managed wind-down of AIRE to return capital to shareholders over the medium term.
Retail investors holding AIRE shares through platforms such as Hargreaves Lansdown, AJ Bell, or Interactive Investor were advised to verify internal deadlines, which may precede the September 4 offer closing date.
