The launch of a takeover offer for a sizeable stake in Alternative Income REIT gave the company’s share price a lift in trading today.
Glenstone Property wants to buy a 25% stake in Alternative Income for 59.25p per share. That marks a 29% discount to net asset value per share as of the end of June, but a near-13% premium to yesterday’s closing share price. Alternative Income says the offer undervalues its business.
The company’s shares rose by 7% during trading to close at 57p, a month-high, making it one of the top real estate risers of the day.
There were notable falls for U + I and Hammerson, both of which dropped by more than 6% during the course of trading.
In the FTSE 100 there were no real estate-focused stocks in the list of the 10 biggest risers, but Persimmon, Barratt Developments and Landsec all made the list of the sharpest fallers.
The FTSE 100 ended the day down 1.1% at 5,728 points. The FTSE 250 dropped 1.5% to 17,587.
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