Glenstone ups stake in AIRE, urges shareholders to accept its offer

Glenstone REIT PLC on Friday said it had increased its stake in Alternative Income REIT PLC and urged AIRE shareholders who wished to accept its offer to act immediately.

Glenstone, a real estate investment trust with 82 properties in England, Scotland and Wales, announced it had increased its stake in AIRE to 29.9% from 25.4%. Glenstone was already AIRE's largest shareholder.

Glenstone said it had made the purchases over the past two days, after AEW UK REIT PLC said on Wednesday that it would withdraw its bid to acquire AIRE. Despite receiving support from the AIRE board, AEWU cited opposition from Glenstone as a reason for withdrawing its offer.

Also on Wednesday, AIRE said Glenstone was "seeking control of AIRE without paying an appropriate premium". It noted that its net asset value per share was 83.3p on June 30.

Glenstone is offering 71.4 pence per share in cash, including 70.0 pence in cash plus AIRE shareholders' entitlement to its 1.4 pence fourth-quarter dividend.

In July, AIRE said an alternative offer from AEWU was more attractive, with an implied value of around 77.4p per share.

On Friday, Glenstone urged AIRE shareholders who wish to accept its 70 pence offer to act immediately.

The trust said it would not make any further purchases on the market before the offer becomes unconditional. The deadline for acceptance is next Friday.

Glenstone said on Tuesday that acceptances of its offer had remained unchanged since early August at 27.8%, including its own 25.4% stake at the time and the 2.4% held by Glenstone director Adam Smith. This meant that effectively no other AIRE shareholders had accepted the Glenstone offer as of Tuesday.

AIRE shares fell 0.7% to 69.01 pence, while AEWU shares were up 0.8% at 105.78 on Friday in London.

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