Business
Statement re Possible Offer
Glenstone REIT PLC is considering a possible all-cash offer for Alternative Income REIT plc, of which it is the largest shareholder holding 24.0 percent of the issued share capital. This follows a year of discussions with Alternative Income REIT's board and the withdrawal of AEW UK REIT plc from potential acquisition talks. Glenstone aims to maximize asset value and reduce operating costs for Alternative Income REIT if an offer is made, with a 50 percent acceptance condition. The company has set a deadline of June 12, 2026, to announce a firm intention to make an offer or withdraw its interest. Disclaimer*
About this update from Alternative Income Reit Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE\n15 May 2026\nGLENSTONE REIT PLC\n \n(\"Glenstone\")\n \nLEI Number: 213800SCA6CUFTRCLC82\n \n \n Possible Cash Offer for Alternative Income REIT plc (\"AIRE\" or the \"Company\") and Request for Board Engagement\nIntroduction\nGlenstone's group has been the largest shareholder in AIRE since November 2020 and, as at the date of this announcement, holds 19,325,461 shares in AIRE, representing 24.0 per cent. of AIRE's issued share capital.\nGlenstone is making this announcement regarding the future of AIRE following a 12 month period of discussions with the AIRE Board committee of independent directors (\"Independent Board Committee\") regarding the future direction of the Company, a process which commenced in April 2025.\nGlenstone has supported the Independent Board Committee's intention to explore strategic options for the Company given the challenges associated with AIRE's continued independence as one of the smallest REITs traded on the London Stock Exchange.\nFollowing the withdrawal of AEW UK REIT plc (\"AEWU\") from discussions with the Company on 21 April 2026 and in the apparent absence of a viable exit for Glenstone's investment through a sale of the Company, Glenstone confirms that it is now considering a possible all-cash offer for the entire issued and to be issued share capital of AIRE that Glenstone does not already own (the \"Possible Cash Offer\"). \n \nIn a letter from Glenstone addressed to the Independent Board Committee on 27 April 2026 (the \"Letter\"), Glenstone requested an explanation of the due diligence concerns which led to AEWU's withdrawal and of the level of abortive transaction costs incurred by the Company. In addition, as the Independent Board Comm...