Global Net Lease sells $170M Americold portfolio to reduce debt (NYSE:GNL)

Global Net Lease (NYSE:GNL) disposed 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.
The disposition aligns with the company’s FY guidance, which projected a disposition cash cap rate range of 7% to 8%.
The proceeds will be used to reduce debt and lower leverage.
The sale of this portfolio, which GNL (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%.