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- Global Net Lease (NYSE:GNL) sold two properties for over $122M, bringing its closings and secured agreements for dispositions to $854M at a cash cap rate of 7.2% as of Aug. 31, 2024 and marking progress in its 2024 strategic disposition plan.
- The net lease REIT sold The Plant Shopping Center in San Jose, CA, for $95M and the Foster Wheeler office property in Shinfield Park, Reading, U.K., for over $27M.
- Global Net Lease (GNL) used the proceeds from The Plant Shopping Center sale to pay down its revolving credit facility. The company divided the property into two separate parcels, retaining ownership of a now-single tenant property leased to Home Depot (HD).
- The sale of the Foster Wheeler property reduces GNL’s office exposure by ~100 basis points, decreasing total office exposure to 19% of its total portfolio’s straight-line rent, the company said.