Global Net Lease sells Americold Portfolio for $170M

Global Net Lease (GNL) announced the successful disposition of a portfolio of nine cold storage properties that are currently leased to subsidiaries of Americold Realty Trust (COLD) for $170M, at a 7.88% cash cap rate on 3.3 years of weighted average remaining lease-term. This disposition is a significant achievement in 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% to 8%. 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 $153.4M, is part of the previously announced $567M of closed and pipeline dispositions at a cash cap rate of 7.2%.