Glenstone AIRE Bid
Glenstone Raises Alternative Income REIT Bid to 71.4p in Final Offer
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Key Points
1
Glenstone is financing the £57.4m bid with a £45m loan from Handelsbanken to fund the cash offer.
2
Adam Smith, a Glenstone director who sits on AIRE’s board, has an irrevocable undertaking to tender 1,900,000 AIRE shares and has resigned from AIRE’s board following publication of the offer document.
3
The offer document states the increased price will remain open initially until 1:00 p.m. London time on 4 September 2026, with the offer conditional on more than 50% of voting rights being tendered to become unconditional.
4
Glenstone now holds or has commitments for about 32.8% of AIRE’s issued share capital (roughly 24.8% owned by Glenstone plus commitments around 7.97%), strengthening its path toward a majority stake.
5
AEW UK REIT has indicated it is monitoring the situation, reflecting continued external interest and the potential for counterbids or renewed approaches.
Glenstone REIT has raised its cash takeover bid for Alternative Income REIT (AIRE) to 71.4p per share, valuing the company at £57.5 million — and declared it a final offer. The sweetened bid, a 2% increase from its previous 70p proposal, came alongside a formal offer document setting a deadline of 1:00 p.m. London time on 4 September 2026, according to QuotedData.
Glenstone, already AIRE's largest shareholder, now controls or has commitments for roughly 32.8% of AIRE's issued share capital. It needs acceptances from more than 50% of voting rights to push the deal over the line.
A Third Bid After Two Earlier Rejections
Glenstone's path to this offer has not been smooth. The company first floated an indicative price of 66.5p per share, which AIRE's board rejected. It then moved to a formal offer of 70p on 12 June. That too failed to win over the board. Now at 71.4p, Glenstone says it will not go higher — unless a rival bidder steps in and forces a new round under UK takeover rules, according to MarketScreener.
The £57.5 million valuation gives shareholders a clear price benchmark. Glenstone is financing the deal with a £45 million loan from Handelsbanken, covering most of the cash consideration. The remaining funding comes from Glenstone's own resources.
Board Resignation Signals Sharpening Conflict of Interest
One of the most striking details in the offer document involves Adam Smith. Smith is both a Glenstone director and a former AIRE board member. He has given an irrevocable undertaking — a legally binding promise — to tender his 1,900,000 AIRE shares into the offer. He has since resigned from AIRE's board, according to LSE.co.uk.
His commitment forms part of Glenstone's broader support base. Beyond Smith, Hawksmoor Investment Management has also indicated it will back the bid. Together, these commitments push Glenstone's aligned stake to about 32.8% of AIRE's shares — roughly 24.8% owned outright and around 7.97% through external pledges.
AEW UK REIT Watching From the Sidelines
Glenstone may have declared a final price, but at least one outside party is paying close attention. AEW UK REIT has indicated it is monitoring the situation, keeping open the possibility of a counterbid. Under UK takeover rules, a competing offer would force Glenstone to either raise its price or walk away, according to MarketScreener.
That dynamic gives AIRE shareholders some leverage. If AEW or another party makes a formal approach, Glenstone's "final offer" label would no longer hold. For now, shareholders are being urged to read the offer document carefully before the September deadline.
What Shareholders Must Decide Before September 4
The offer is conditional on more than 50% of voting rights being tendered. Glenstone currently controls or has firm commitments for about 32.8%, meaning it still needs a significant chunk of remaining shareholders to say yes. The formal acceptance deadline is 1:00 p.m. on 4 September 2026, per the offer document cited by LSE.co.uk.
Shareholders who do nothing will not have their shares acquired automatically. They must actively tender to accept the offer. With 71.4p on the table and no higher price promised, the next few weeks will test whether Glenstone has offered enough to win over the majority it needs.
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