Highlights

• Glenstone REIT now holds or has received valid acceptances for 89.31% of Alternative Income REIT's issued shares.

• The latest figures, measured at 5.00pm on 9 November 2026, cover 71,895,704 of 80,500,000 shares in issue.

• Glenstone intends to proceed with delisting and will seek the 90% threshold needed for compulsory acquisition.

• The final cash offer stands at 71.4p per share, including a 1.4p Dividend kept by eligible holders.

Some 89.31% of Alternative Income REIT (LSE:AIRE) is now either owned by Glenstone REIT or committed through valid acceptances of its cash Takeover offer, according to an acceptance level update released on 10 November 2026. That puts the bidder less than one point away from the 90% mark that unlocks compulsory Acquisition of the remaining shares, a milestone that would complete a takeover the target's board first resisted.

What the acceptance update shows

As at 5.00pm on 9 November 2026, Glenstone held 24,546,476 AIRE shares, equal to 30.49% of the issued share capital. Combined with valid acceptances, its position stands at 71,895,704 shares, or 89.31% of the 80,500,000 shares in issue.

The update also lists valid acceptances of 48,151,973 shares (59.81%) and commitments over 6,423,000 shares (7.97%). These lines are presented separately and do not add up directly to the combined figure, so the 89.31% aggregate is the position Glenstone itself highlights.

The offer is unconditional. Glenstone said it intends to proceed with delisting and will seek to reach the 90% level required to compulsorily acquire the remaining shares.

How the contractual offer got here

Glenstone's bid is a takeover offer under Part 28 of the Companies Act, rather than a court-sanctioned scheme of arrangement. Under that structure, control builds through individual acceptances, and buying out holdouts depends on crossing the 90% line.

A 70.0p cash offer was announced on 12 June 2026 and later raised to 71.4p, which Glenstone described as final. In early September, shares counted towards the acceptance condition stood at 49.89%, and the unconditional date was pushed back by a week. The offer was then declared unconditional on 9 September 2026.

The AIRE board initially argued that the offer valued the company below its last published net asset value of 84.4p per share, before supporting it once acceptances passed 50%.

Deal terms and financing backdrop

The 71.4p headline price includes AIRE's fourth quarterly dividend of 1.4p. Shareholders on the Record Date keep that payment and receive 70.0p in cash on acceptance. At 71.4p, the offer valued the entire issued Share Capital at about £57.5m, and Glenstone arranged a £45m Loan Facility from Handelsbanken to fund the acquisition.

On the target's side, Alternative Income REIT (LSE:AIRE) disclosed on 28 October 2026 that HSBC had consented to the change of control and to the subsequent delisting from the London Stock Exchange. The lender also waived any right to Demand repayment triggered by the change of control under its £41m facility.

Key points for remaining shareholders

If Glenstone crosses 90%, it plans to use compulsory acquisition powers to buy the rest. Glenstone has previously said that, should the 90% level not be reached, it intends to relist the company on The International Stock Exchange.

No specific delisting date accompanies the latest acceptance figures.

The final stretch for Glenstone

Reaching 90% would require about 554,000 more shares beyond the current 89.31% position. Further acceptances will decide whether Glenstone can move to a full buyout, ending the run of Alternative Income REIT (LSE:AIRE) as an independently listed UK REIT.