Global Net Lease acquires eight UK properties for GBP 61M

Global Net Lease (GNL) closed on the acquisition of eight properties in the United Kingdom for a total purchase price of GBP 61M at a cap rate of 10.6%. The properties are all leased to a wholly owned subsidiary of Walgreens Boots Alliance (WBA). Walgreens has investment grade credit ratings of "BBB" and "Baa2" from S&P and Moody’s, respectively. The properties total over 325,000 square feet and have 11.5 years of lease term remaining. Additionally, GNL announced that on December 30, 2022, it was notified by Rheinmetall (RNMBY) that a five-year lease extension was exercised, extending the tenant’s lease on the existing terms until the end of 2028 with no tenant improvement expenses incurred by the Company. Rheinmetall is rated "Baa2" by Moody’s. Including this lease, the Company completed 592,000 square feet of new leases, lease renewals, and tenant expansions in the fourth quarter of 2022.