Alternative Income REIT (AIRE) has agreed to extend the deadline for acceptances of Glenstone REIT’s cash offer after Glenstone indicated that it was close to satisfying the offer’s acceptance condition. However, AIRE’s board has stressed that this extension does not alter its view that the bid materially undervalues AIRE and is unanimously recommending that shareholders do not accept it. As at 6pm on 4 September, Glenstone said that it could count acceptances and holdings representing around 49.89% of AIRE’s issued share capital towards the condition. AIRE’s board says that to prevent administrative or processing delays determining the outcome, it agreed to Glenstone’s request to an extension of Day 60 under the Takeover Code. The new deadline is 1pm on Friday 11 September 2026.
Matthew Read, senior analyst at QuotedData, said: “We think AIRE’s board decision to consent to extending the deadline is sensible under the circumstances. At this stage, it looks like Glenstone will win control, allowing it to adopt a managed wind down strategy. However, it still looks unlikely that Glenstone will secure the 75% of shares needed to allow it to force through a liquidation, nor the 90% needed to squeeze out minority investors. It may be able to secure these in time but we think that holding on during a managed wind down could still provide a better outcome for AIRE investors than accepting the 70p bid.”
Grainger (GRI) has published a trading update for the 11 months to the end of August. Occupancy across its build-to-rent (BTR) portfolio remained above 96% and like-for-like rental growth was 3%, in line with guidance. The company says that demand remains robust, averaging around 1,400 customer enquiries a week, while leasing at its 374-home Glasshouse Square scheme in Bristol is ahead of expectations, with 83% of homes let or under offer nine months after launch. The group says it remains on track to grow earnings by 35%, between its 2025 and 2029 financial years, from its committed development pipeline, despite the impact of higher interest rates. Its three committed schemes at Southall, Guildford and Chiswick are progressing as planned, while it has also secured planning permission for a 425-home development at Cambridge North, its first investment in the city. The company says that it is also accelerating disposals from around £850m of non-core assets and plans to reduce net debt by £300m-£350m by the end of FY29. Following £2.4m of central cost savings this year, it is targeting a further c.£2m in FY27. The company said it had adapted well to the Renters’ Rights Act, with no deterioration in occupancy, leasing activity or rent collection trends since the legislation came into force.
Ashoka India Equity Investment Trust (AIE) has received valid redemption requests for 9.37m shares at its 30 September 2026 annual redemption point, equivalent to 5.5% of its issued share capital. The trust’s redemption facility allows shareholders to request the redemption of all or part of their holding once a year. The redemption price will be announced shortly after the end of September.
