Octopus Renewables Infrastructure Trust (ORIT) reported a NAV total return of -5.0% for the first half of 2026 after a review of expected generation from its onshore wind assets knocked £30.4m off valuations. NAV per share fell from 93.8p to 86.2p, also reflecting lower long-term power price forecasts and higher discount rates. However, underlying cash generation was stronger, with revenue and EBITDA ahead of budget and dividend cover improving from 1.19 times to 1.38 times. The shares delivered a total return of 13.7% as the discount narrowed from 34.9% to 23.5%. Gearing increased from 44.8% to 46.6% of gross assets despite a £5.3m reduction in debt. ORIT has started several asset sale processes and plans to use proceeds to move gearing towards its 40% medium-term target. The 6.23p full-year dividend target was maintained.

Glenstone REIT now owns or has received valid acceptances for 67.18% of Alternative Income REIT (AIRE), taking it closer to the 75% threshold at which it intends to seek the cancellation of AIRE’s stock market listing. The figure has risen sharply from the 50.42% reported earlier this month, when Glenstone’s 70p-per-share cash offer became unconditional and AIRE’s board reversed its previous opposition to the bid and recommended shareholders accept it. Glenstone now has control over 54.1m AIRE shares. Its offer remains open until further notice, with 14 days’ notice required before it closes. If Glenstone reaches 75% of AIRE’s voting rights, it intends to apply to cancel the shares’ London Stock Exchange trading and FCA listing and re-register AIRE as a private company. Reaching 90% of the shares to which the offer relates would allow Glenstone to compulsorily acquire the remaining shares. AIRE shareholders entitled to its 1.4p fourth quarter dividend can retain that payment and receive 70p per share under Glenstone’s offer.