Global Net Lease (GNL) has entered into a binding agreement to sell its multi-tenant portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings for approximately $1.8 billion at an 8.4% cash cap rate. GNL received a $25 million non-refundable deposit from RCG at signing of the binding agreement. The transaction is expected to close in three phases.
GNL expects to use the net proceeds from the multi-tenant portfolio sale to significantly reduce the outstanding balance on Revolving Credit Facility. The Board concurrently has approved a share repurchase program authorizing the company to opportunistically repurchase up to $300 million of its outstanding common stock.
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