Global Net Lease (GNL) announced the disposition of a portfolio of nine cold storage properties that are currently leased to subsidiaries of Americold Realty Trust, Inc. (COLD) for $170 million. GNL plans to use the net proceeds to reduce outstanding debt and further lower leverage. The company said the sale of this portfolio, which it acquired for $153.4 million, is part of the previously announced $567 million of closed and pipeline dispositions.
"We believe the sale of this portfolio not only reduces risk within our portfolio by eliminating uncertainty around tenant renewals but also extends our weighted average remaining lease term," said Michael Weil, CEO of GNL.
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