Glenstone REIT Secures 83.6% Acceptance in Takeover of Alternative Income REIT
Glenstone REIT PLC has reached an 83.64% stake in Alternative Income REIT PLC (LSE:AIRE) through its ongoing cash takeover offer. As of October 12, 2026, valid acceptances combined with existing holdings total 67,332,932 shares. Valid acceptances stand at 56.00% of issued ordinary share capital, alongside Glenstone's existing 27.63% stake.
The takeover has already been declared unconditional after passing the 75% voting threshold needed to proceed with delisting. The board of Alternative Income REIT recommends that remaining shareholders accept the 70.0p per share cash consideration, citing cash certainty against the risks of holding a minority position in a controlled entity. Shareholders who held stock on the record date for the fourth quarterly dividend of 1.4p per share retain that payment alongside the cash offer.
The offer remains open until further notice, with Glenstone promising 14 days' notice prior to closing. Having crossed the 75% threshold, Glenstone plans to cancel the listing of Alternative Income REIT on the London Stock Exchange. If acceptances reach 90%, Glenstone will execute a compulsory squeeze-out of non-assenting shareholders and convert the company into a private entity. If acceptances remain below 90%, Glenstone intends to list the shares on The International Stock Exchange instead.
Key points
- Glenstone REIT controls 83.64% of Alternative Income REIT following valid acceptances for 56.00% of shares and its existing 27.63% stake.
- The takeover offer remains open until further notice, with Glenstone agreeing to give 14 days' advance notice before closing.
- Glenstone intends to delist Alternative Income REIT from the London Stock Exchange after passing the 75% voting threshold.
- If acceptances hit 90%, Glenstone will exercise statutory squeeze-out rights and re-register Alternative Income REIT as a private company.
- Alternative Income REIT board recommends shareholders accept the cash offer of 70.0 pence per share.
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What is Glenstone REIT offering for Alternative Income REIT shares?
Glenstone REIT is providing a cash consideration of 70.0 pence per share to Alternative Income REIT shareholders who were entitled to receive and retain the fourth quarterly interim dividend of 1.4 pence per share.
How many shares does Glenstone REIT currently control?
As of October 12, 2026, Glenstone REIT holds or has received valid acceptances for 67,332,932 shares, representing approximately 83.64% of Alternative Income REIT's issued share capital.
What happens if Glenstone REIT reaches 90% acceptances?
If valid acceptances and acquisitions reach 90% or more, Glenstone REIT intends to exercise statutory squeeze-out rights to buy remaining shares on a compulsory basis and re-register Alternative Income REIT as a private limited company.