Glenstone Property PLC (CISX:) announced a tender offer to acquire 25% stake in Alternative Income REIT PLC (LSE:AIRE) from its shareholders for £11.9 million on October 27, 2020. As a part of the offer, Glenstone Property will acquire 20.13 million shares at a premium price of £0.59 per share. As at the date of this offer, Glenstone does not hold any shares in Alternative Income REIT.

The tender offer will be conditional on the receipt of sufficient tenders which, when aggregated with any shares purchased by Glenstone in the market, represent a shareholding of not less than 20% of Alternative Income REIT's issued share capital on the date that the offer is made. This condition may be waived by Glenstone in its sole discretion. Accordingly, if this condition is not satisfied by the Closing Date, the tender offer will be void.

Subject to this condition, any tender forms submitted by AIRE Shareholders shall be irrevocable. The Alternative Income REIT board believes that with additional investment it can deliver to its shareholders both strong performance and a secure and progressive dividend. The offer will be closed on November 17, 2020.

As on November 18, 2020, Glenstone Property PLC announces that its tender offer will remain open until November 19, 2020 to enable the tenders to be processed. The results of the tender offer will be announced on November 20, 2020.