Global Net Lease Provides Q2 2019 Updates
The company disclosed 64 property dispositions and nine property acquisitions, from the second quarter of 2019.
NEW YORK – Global Net Lease Inc. has provided specifics on its closed acquisitions and dispositions from the second quarter of 2019. The transactions include industrial, distribution and office acquisitions.
The company sold 63 properties in the US for gross proceeds of $74.2 million, consisting of 62 Family Dollar retail stores and one industrial property. The company also sold one UK office property for £7.2 million.
Additionally, the company announced nine property acquisitions, representing 1.6 million square feet for $187.3 million in the second quarter of 2019. The purchased properties were acquired at a weighted average going-in capitalization rate of 7.09%, equating to a weighted average capitalization rate of 7.67%, with a weighted-average remaining lease term of 10.9 years. Global Net Lease funded the transactions through its revolving credit facility, mortgage debt and net proceeds from its ATM programs.
Global Net Lease Inc. is a real estate investment trust that focuses on acquiring industrial, distribution and office properties, leased long-term to corporate tenants in the US and Europe.