Global Net Lease a has sold a portfolio of nine cold storage properties that are currently leased to subsidiaries of Americold Realty Trust for $170 million.
The disposition is part of GNL’s ongoing strategic disposition initiative and aligns with the company’s 2024 full-year guidance, which projected a disposition cash cap rate range of 7 percent to 8 percent. GNL plans to use the net proceeds from this sale to reduce outstanding debt and further lower the company’s leverage. The sale of this portfolio, which GNL acquired for $153.4 million, is part of the previously announced $567 million of closed and pipeline dispositions at a cash cap rate of 7.2 percent.
“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. “We intend to use the net sale proceeds of this disposition to strategically
