NEW YORK, July 11, 2023 /PRNewswire/ -- Global Net Lease,
Inc. ("GNL" or "the Company") (NYSE: GNL/ GNL PRA / GNL PRB)
announced today that it has signed a definitive purchase and sale
agreement to sell an office property it owns in San Jose, CA for a contract sale price of
$50 million. The Company had
originally acquired the property in 2014 for $52.5 million.
"Negotiating the sale of this large office for $50 million will not only reduce our office
footprint by 164,000 square feet, but it also serves as a testament
to our robust asset management platform and extensive network to
find a local developer who intends to convert the asset to
residential use," said James Nelson,
CEO of GNL. "This transaction showcases our diligent underwriting
standards that prioritizes assets with high reuse potential and
valuable real estate demographics, yielding strong interest from
local developers and securing an attractive offer that is
comparable to the price we originally paid for the property.
We will use the net proceeds from this sale to continue to
focus on building and maintaining a world-class portfolio and
executing on accretive initiatives that create value for our
shareholders."
About Global Net Lease,
Inc.
Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real
estate investment trust listed on the NYSE focused on acquiring a
diversified global portfolio of commercial properties, with an
emphasis on sale-leaseback transactions involving single tenant,
mission critical income producing net-leased assets across
the United States, Western and
Northern Europe. Additional
information about GNL can be found on its website
at www.globalnetlease.com.
Important Notice
The statements in this press release that are not historical
facts may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause the
actual results or events to be materially different. The words
"may," "will," "seeks," "anticipates," "believes," "expects,"
"estimates," "projects," "plans," "intends," "should" and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. These forward-looking statements are subject to
a number of risks, uncertainties and other factors, many of which
are outside of the Company's control, which could cause actual
results to differ materially from the results contemplated by the
forward-looking statements. These risks and uncertainties include
the potential adverse effects of (i) the global COVID-19 pandemic,
including actions taken to contain or treat COVID-19, (ii) the
geopolitical instability due to the ongoing military conflict
between Russia and Ukraine, including related sanctions and other
penalties imposed by the U.S. and European Union, and the related
impact on the Company, the Company's tenants and the global economy
and financial markets, and (iii) inflationary conditions and higher
interest rate environments, as well as those risks and
uncertainties set forth in the Risk Factors section of the
Company's most recent Annual Report on Form 10-K for the year ended
December 31, 2022 filed on
February 23, 2023, and all other
filings with the SEC after that date, as such risks, uncertainties
and other important factors may be updated from time to time in the
Company's subsequent reports. Further, forward-looking statements
speak only as of the date they are made, and the Company undertakes
no obligation to update or revise any forward-looking statement to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time, unless required
to do so by law.
Contacts:
Investors and Media:
Email:
investorrelations@globalnetlease.com
Phone: (212) 415-6510
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SOURCE Global Net Lease, Inc.