GNL Nears Halfway Mark on 6-Month Investment Goal

NEW YORK CITY—Global Net Lease Inc. said Thursday it would acquire 12 net lease properties in five separate transactions worth a combined $88.5 million. The net lease REIT will also pay $4 million to expand its presence at its owned facility in Pleasanton, TX, which is net leased to National Oilwell Varco LP.

All six transactions are expected to close by the end of this quarter. Once the deals totaling 1.4 million square feet are completed, GNL will have invested $92.5 million, or nearly half of its $200-million objective for the year's second half.

Along with helping keep the company on target to meet its acquisition goal, the deals 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,” says CEO Scott Bowman. “We will continue to pursue further opportunities to enhance the overall portfolio and drive long-term growth and value for shareholders.”

Along with the expansion at the National Oilwell Varco facility, the acquisitions include a FedEx Ground warehouse in Mankato, MN; a Hannibal Industries facility in Houston; offices leased to Beacon Health System Inc. in South Bend, IN; industrial assets leased to Mapes Holdings in Elk Grove Village, IL and Chattanooga, TN; and six properties net leased to Crowne Group LLC in Logansport and Madison, IN; Fraser, Jonesville and Warren, MI; and Marion, SC. After they've closed, GNL's portfolio will 324 diversified net lease assets totaling approximately 18 million square feet.