The non-traded real estate investment (REIT) trust formerly known as American Realty Capital Global Trust, Inc., has been approved to list its shares of common stock on the New York Stock Exchange (NYSE). Now named Global Net Lease, Inc. (GNL), the REIT expects to begin trading between May 15 and May 22 under the ticker GNL.
In conjunction with listing, GNL intends to launch a tender offer to purchase up to $125 million of its shares at $10.50 per share.
The REIT has built a portfolio of over 300 properties in the U.S. and Europe utilizing a sale-leaseback strategy. During its offering period, GNL raised $1.7 billion and has since created a portfolio with an aggregate cost of $2.4 billion, as of December 31, 2014.
The REIT sees future opportunities in the U.S. and especially in Europe.
From an earlier announcement, Andrew Winer, President and Chief Investment Officer of GNL, explained, “Looking forward, we see a vast opportunity set in both the U.S. and in Europe, which has a target market approximately twice the size of that in the U.S. and fewer competitors focused on owner-occupied real estate.”