Global Trust Sets Date for NYSE Listing

NEW YORK CITY—Non-listed REIT American Realty Capital Global Trust is moving ahead with plans to change its non-listed status. The company plans a May 4 launch to begin trading on the New York Stock Exchange as Global Net Lease Inc. under the GNL symbol.

Global Trust, which commenced its initial public offering in 2012, says trading on the NYSE will give it access to lower-cost capital, thereby driving further growth. Over the past three years, Global Trust has assembled a portfolio of more than 300 single-tenant properties in the US and Europe, acquired mainly in 2014.

Simultaneously, Global Trust said it plans to buy back up to $125 million of its common stock at $10.50 per share. It plans to fund the tender offer with cash on hand and funds available under its existing unsecured revolving credit facility.

CEO Scott Bowman calls the pending NYSE listing “a milestone in the evolution of this ompany,” one which provides its investors “the benefits of owning shares listed on a major public exchange. We have a proven management team that, along with the valued support of our European managers, Moor Park Capital Partners, has a track record of success in acquiring a diversified, high-quality net lease portfolio. We believe we have built a best-in-class portfolio comprised of over 300 properties and 16.5 million square feet, and we look forward to continuing to grow this business and create additional value for our shareholders.”

GlobeSt.com first reported in March that Global Trust intended to list on the NYSE, following the board's exploration of alternatives for maximizing shareholder value. It also revealed that P. Sue Perrotty had been appointed to the company's board of directors as non-executive chair, replacing William Kahane, who has stepped down as executive chairman. Kahane will remain a director of the company.