Global Net Lease (GNL) is selling a $1.8bn (€1.71bn) multi-tenant US retail property portfolio to real estate investment firm RCG Ventures Holdings.
The NYSE-listed real estate investment trust said it has agreed to sell 100 “non-core properties”, accelerating its deleveraging and focusing on single-tenant net lease assets.
GNL launched its disposal plan in 2024 to reduce debt, improve financial flexibility and lower its cost of capital.
The investment trust said the sale of its multi-tenant portfolio, the largest step in this initiative, will bring total dispositions to nearly $3bn by the end of 2025, adding that it plans to use the proceeds to reduce its revolving credit facility balance.
Michael Weil, CEO of GNL, said: ”We believe the proposed sale of our multi-tenant portfolio is a strategic and prudent transaction that will bolster our balance sheet and position GNL for continued success. The proposed transaction greatly decreases operational complexities, G&A [general and administrative expenses] expenses and capital expenditures associated with multi-tenant retail properties.
“The announcement marks a pivotal milestone in our strategic disposition initiative, offering a range of benefits with a clear emphasis on long-term value.”
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