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Debt & Equity

Global Net Lease invests $92.5M

Global Net Lease, Inc. announced it has signed agreements to acquire 12 net lease properties through five separate transactions for a total purchase price of approximately $88.5 million.

Photo courtesy of Flickr
Photo courtesy of Flickr

Additionally, GNL has expanded its presence at its owned facility in Pleasanton, Texas, net leased to National Oilwell Varco, LP, for a purchase price of approximately $4.0 million.

The transactions are expected to close in the third quarter of 2015, subject to customary closing conditions and the completion of certain financing transactions by GNL.

Once all transactions are completed, GNL will have invested approximately $92.5 million or nearly 50 percent of its previously stated investment objective for the second half of 2015.

The deald add 1.4 million net rentable square feet to GNL’s portfolio with a weighted average remaining lease term 16.5 years.

Total current annual rent is approximately $7.3 million with a cash cap rate of 7.85 percent.

“These accretive transactions keep us on target to acquire $200 million of properties in the second half of 2015 and further demonstrate our ability to purchase high quality real estate leased to strong tenants for a long average lease term at a high cash cap rate.  We remain committed to building on our best-in-class net lease portfolio,” said Scott Bowman, Chief Executive Officer of Global Net Lease.

“They are also representative of our focused investment strategy of identifying strategically-located, mission critical net lease assets with stable and reliable cash flows and embedded contractual rent growth.

“We will continue to pursue opportunities to enhance the overall portfolio and drive long-term growth and value for shareholders.”

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