First of a multi-step sale
Global Net Lease (NYSE: GNL) disclosed the closing of the first tranche (59 unencumbered properties, totaling $1.1 billion in gross proceeds) of multi-tenant property sales to RGC Ventures.
GNL expects to remain on schedule to complete the sale of the remaining 41 encumbered multi-tenant properties in two additional phases by the end of the second quarter of 2025. Net proceeds will be used for debt repayment.
Post-closing of all tranches, GNL anticipates owning a 100% single tenant portfolio across industrial/distribution (45%), retail (30%), and office (25%) with properties split between the U.S. (72%) and Europe (28%). Per company disclosures, the REIT’s pro forma portfolio weighted average lease term is 6.4 years with a high proportion of investment grade rated tenants.
Out from under the tree
Dollar Tree (NYSE: DLTR) announced the pending sale of its Family Dollar business segment to a private equity partnership between sponsors Brigade Capital Management, LP (“Brigade”) and Macellum Capital Management, LLC (“Macellum”) for $1.0 billion.
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