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Alternative Income REIT PLC on Monday accused Glenstone REIT PLC of trying to seize control of the firm without paying an ‘appropriate’ premium, and an offer from AEW UK REIT PLC may be a ‘more attractive alternative’. Glenstone said it continues to believe its bid ‘represents an attractive opportunity for all Alternative Income shareholders’. Alternative Income shares rose 0.3% to 70.40 pence each in London on Monday. It ha a £56.7 million market capitalisation. Earlier, Alternative Income said AEW UK REIT PLC’s possible takeover offer is more attractive than that of Glenstone’s. Alternative Income is a real estate investment trust focused on specialised alternative property sectors such as healthcare, education and hotels. It said AEW UK’s possible offer had an implied value of around 77.4 pence per share. Alternative Income said the implied value of AEW UK’s possible offer is based on AEW UK’s share price of 106.8p on Wednesday, the last business day before its possible offer announcement. Under the all-share proposal announced by AEW UK on Thursday, Alternative Income shareholders would receive 0.725 of an AEW UK share for each Alternative Income share held. Glenstone earlier in July upped its offer to 71.4p per share from 70.0p. But Alternative Income believes the bid is effectively 70p per share. ‘If AIRE declares a fourth interim dividend of 1.4 pence per AIRE share in order for AIRE to meet its previously announced target dividend for the financial year and Glenstone reduces the Glenstone Offer consideration accordingly, the cash consideration payable under the Glenstone Offer would fall to 70.0 pence per AIRE share,’ Alternative Income says. ‘The 1.4 pence increase announced by Glenstone should therefore not be viewed as additional value, on top of any dividend declared by AIRE in order to meet its target dividend for the financial year.’ ‘Glenstone is seeking control without paying an appropriate control premium. The Glenstone offer represents only a negligible premium to AIRE’s undisturbed share price and does not, in the board’s view, properly compensate AIRE shareholders for giving up control of the company.’ Alternative Income said the bid by AEW UK REIT may offer a ‘more attractive alternative’. ‘It would also allow AIRE shareholders to remain invested in a listed, income-producing REIT. However, no firm offer has yet been announced and the implied value of the AEWU possible offer will fluctuate with AEWU’s share price,’ it added. Glenstone, which supported a previous AEW UK REIT bid, on Monday noted the latest possible offer. ‘Glenstone’s support for AEWU’s previous possible offer, which AEWU terminated in April 2026, had been requested by AIRE on 6 March 2026. Glenstone did provide its support in principle on 10 March 2026 to the non-binding heads of terms which had been agreed between the AIRE independent board committee and AEWU. However, Glenstone notes that such support had only been provided in principle and that these discussions took place over four months ago. In any event, AEWU subsequently withdrew from discussions with AIRE and announced that it did not intend to bid for AIRE on 21 April 2026,’ Glenstone said. ‘Glenstone has not received any formal request either from AEWU or AIRE, to support a possible offer by AEWU for AIRE since the aborted sale. Should AEWU continue to pursue, again, a possible offer for AIRE it would be without the support of Glenstone.’ Glenstone owns just under 25% of Alternative Income. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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