Landmark Infrastructure Partners has sold its stake in a European outdoor advertising portfolio for £95m (€105.5m) to help repay debt.
Landmark said it has completed the sale of its interests in the joint venture that holds its portfolio and expects to use the net proceeds to repay borrowings on its revolving line of credit, terminate some existing interest rate swap agreements and for general partnership purposes.
Tim Brazy, CEO of Landmark’s general partner, said: ”We are excited to announce the sale of our European outdoor advertising portfolio as it will significantly reduce our leverage levels while we continue to assess the impact of COVID-19 on our portfolio.
“While the transaction may be dilutive to funds from operations and adjusted funds from operations, the transaction is expected to provide us with significant capital and allow us to take advantage of additional acquisition and development opportunities.”
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