Global Net Lease (GNL) said Wednesday it has closed the first phase of the sale of its multi-tenant portfolio to RCG Ventures for $1.1 billion.
The initial phase includes 59 unencumbered properties. The company said it expects to remain on schedule to complete the sale of 41 encumbered properties in two additional phases by the end of Q2.
Global Net Lease plans to use the net proceeds to reduce leverage and pay down the outstanding balance on its revolving credit facility.
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