Alternative Income REIT has responded to a proposal from its largest shareholder, Glenstone REIT, regarding a possible cash offer for the rest of the issued share capital announced on Friday.
Glenstone has a stake of around 24% in Alternative Income REIT and
Alternative Income REIT notes that the approach is not evaluable, as it lacks a price, range, or terms, so the ball is now firmly back in Glenstone’s court to put forward a proposal capable of proper consideration.
It’s not Glenstone’s first approach as they attempt to recover their investment in Alternative Income REIT. In November 2025, Glenstone put forward a 66.5p-per-share cash proposal, representing a 20.8% discount to NAV and 11.3% below the prevailing share price. This, as one would imagine, was unequivocally rejected as fundamentally undervaluing the company.
A more recent letter from Glenstone added further requests, including a managed wind-down, an additional board seat, access to confidential information, and a potential transfer of the listing to TISE. The Board has declined to release commercially sensitive data without a properly evaluable offer on the table, and reaffirmed the Main Market as the appropriate venue.
Notably, Alternative Income REIT directors pointed to AEW UK REIT’s offer at a 3% discount to NAV, saying this is ‘capable of recommendation’ and providing a level at which they think an offer should be made.