NEW YORK CITY—Global Net Lease Inc. and American Realty Capital Global Trust II Inc. said Monday they would merge in a deal valued at $647.9 million including the assumption of Global II debt. The single-tenant net lease REIT that will result is expected to have an enterprise value of approximately $3.3 billion, with 345 properties across seven countries.
Both REITs formerly were sponsored by American Realty Capital. GNL, which began trading on the New York Stock Exchange in June of 2015, formerly was known as American Realty Capital Global Trust Inc.
Scott Bowman, GNL's president and CEO, says the acquisition represents “another positive step in the evolution of our company and reinforces our efforts to grow accretively creating shareholder value. This transaction represents the realization of our targeted acquisition plan for 216 and 2017, accelerating our growth.”
The combined company will retain the Global Net Lease name and stock ticker, and will continue to be led by the current management team of GNL. It will have a more broadly diversified portfolio of assets, further balancing GNL's US and European portfolio exposure while also reducing its concentration across its top 10 markets.
UBS Investment Bank is serving as exclusive financial advisor to the special committee of GNL, while Shapiro Sher Guinot & Sandler is serving as the committee's legal counsel. Proskauer Rose LLP is serving as legal counsel to GNL. For the special committee of Global II, BMO Capital Markets is serving as exclusive financial advisor, and Miles and Stockbridge P.C. is serving as legal counsel. The transaction is expected to close in the fourth quarter of 2016.
Both REITs formerly were sponsored by American Realty Capital. GNL, which began trading on the
Scott Bowman, GNL's president and CEO, says the acquisition represents “another positive step in the evolution of our company and reinforces our efforts to grow accretively creating shareholder value. This transaction represents the realization of our targeted acquisition plan for 216 and 2017, accelerating our growth.”
The combined company will retain the Global Net Lease name and stock ticker, and will continue to be led by the current management team of GNL. It will have a more broadly diversified portfolio of assets, further balancing GNL's US and European portfolio exposure while also reducing its concentration across its top 10 markets.
UBS Investment Bank is serving as exclusive financial advisor to the special committee of GNL, while
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