Global Net Lease, Inc. (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.”
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.
