Global Net Lease, Inc. (NYSE: GNL) has announced the successful sale of a portfolio of nine cold storage properties 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 part of GNL's strategic initiative and aligns with the company's 2024 full-year guidance, projecting a disposition cash cap rate range of 7% to 8%. The net proceeds from the sale are intended to reduce outstanding debt and further lower the company's leverage.
The portfolio, acquired for $153.4 million, is part of the previously announced $567 million of closed and pipeline dispositions at a cash cap rate of 7.2%.
Michael Weil, CEO of GNL, stated, "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."
The company aims to strategically pay down existing debt using the net sale proceeds, aligning with its goal of lowering net debt to adjusted EBITDA to bring it more in line with peers.
GNL is a publicly traded real estate investment trust listed on the NYSE, focused on acquiring and managing a global portfolio of income-producing net lease assets across the United States, and Western and Northern Europe. As a result of these announcements, the company's shares have moved 1.1% on the market, and are now trading at a price of $7.09. For more information, read the company's full 8-K submission here.
