GNL - Global Net Lease Sells Americold Portfolio for $170 Million | Benzinga
- 7.88% Cash Cap Rate on 3.3 Years of Weighted Average Remaining Lease Term
- Part of the Previously Announced $567 Million of Closed and Disposition Pipeline at a Cash Cap Rate of 7.2%
NEW YORK, June 27, 2024 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE:GNL) ("GNL" or the "Company") today announced the successful disposition of a portfolio of nine cold storage properties that are currently leased to subsidiaries of Americold Realty Trust, Inc. (NYSE:COLD) for $170 million, at a 7.88% cash cap rate on 3.3 years of weighted average remaining lease-term.
This disposition is a significant achievement in GNL's ongoing strategic disposition initiative and aligns with the Company's 2024 full-year guidance, which projected a disposition cash cap rate range of 7% to 8%. GNL plans to use the net proceeds from this sale to reduce outstanding debt and further lower the Company's leverage. The sale of this portfolio, which GNL acquired for $153.4 million, is part of the previously announced $567 million1 of closed and pipeline dispositions at a cash cap rate of 7.2%.
"We believe the sale of this portfolio not only reduces risk within our portfolio by eliminating uncertainty around tenant renewals but also extends our weighted average remaining lease term," said Michael Weil, CEO of ...