(Alliance News) - Glenstone REIT PLC on Friday said it is considering an all-cash takeover of commercial property investor, Alternative Income REIT PLC.

Glenstone said it has been the largest shareholder in Alternative Income since November 2020, and holds 19.3 million shares, representing 24% of the company's issued share capital.

Glenstone noted that following the withdrawal of AEW UK REIT PLC from discussions with the company late last month, it said it is considering a possible all-cash offer for the entire issued and to be issued share capital of the company that it does not already own.

In a letter sent to the independent board committee of Alternative Income on April 27, Glenstone said it requested an explanation for the due diligence concerns leading to AEWU's withdrawal and of the level of abortive transaction costs incurred.

Further, Glenstone stated that since the public exploration of a possible sale has yielded no alternative buyers, it requested that the committee considers a managed wind down and enters discussions regarding terms of a possible cash offer.

Glenstone noted it has not received a "constructive response" from the committee to this letter.

"Glenstone strongly encourages the AIRE Independent Board Committee to engage constructively with the Possible Cash Offer and to provide shareholders with greater clarity regarding the strategic options available to the company," noted Glenstone.

It added that there can be no certainty that any firm offer will be made for Alternative Income, nor as to the terms on which any firm offer might be made.

Shares in Alternative Income REIT were trading 2.4% higher at 71.40 pence on Friday afternoon in London.

By Christopher Ward, Alliance News reporter

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