Jun. 23 at 10:13 AM
$GNL Global Net Lease closes third, final phase of multi-tenant portfolio sale
Global Net Lease has completed the final phase of its multi-tenant portfolio sale to RCG Ventures on June 18, including 12 encumbered properties. This third phase generated approximately
$313M in gross proceeds, bringing total gross proceeds from the portfolio sale to
$1.8B. GNL plans on using the incremental net proceeds from the third phase of the multi-tenant portfolio sale to further reduce leverage by paying down the outstanding balance on GNL's Revolving Credit Facility.
The multi-tenant portfolio sale simplifies GNL's portfolio and sharpens its strategic focus by becoming a pure-play net lease owner and operator. This transition is expected to generate approximately
$6.5M in recurring annual G&A savings, along with additional cash savings from a substantial reduction in annual capital expenditures. GNL also believes the multi-tenant portfolio sale will create significant efficiencies in its operations by eliminating the complexities associated with managing multi-tenant retail properties.
