New Mountain Capital’s net lease strategy has acquired a 53-asset portfolio for $640m (€546.8m).
The properties, located primarily in the US as well as in Canada, the UK and Germany, represent New Mountain Net Lease’s largest acquisition since the strategy began in 2016.
To date, the New Mountain’s Net Lease strategy has completed $3.5bn of net lease acquisitions across 65 transactions.
The latest portfolio, acquired on behalf of the New Mountain Net Lease Partners II fund, provides exposure to a diverse range of industries including food products and distributors, industrial machinery, supplies and components, and pharmaceuticals, biotech and life sciences, the firm said.
Teddy Kaplan, managing director and head of New Mountain Net Lease, said: “Investments like this that are complex, sizable and involve two sponsors transacting with each other, illustrate the evolution of net lease from a niche real estate subsector to an established, widely recognised asset class that spans a wide range of asset types.
“We will continue to focus on mission-critical assets in defensive growth sectors, where we believe that we are well-positioned to pursue the most attractive opportunities in the net lease asset class.”
Steve Klinsky, founder and CEO of New Mountain, said: “This acquisition builds upon the strong momentum we’ve developed at New Mountain Net Lease over the past several years.
“As the asset class continues to expand, we believe our platform is ready to execute on the best opportunities available within our core power alleys and to expand our platform as one of the leading providers of net lease real estate.”
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