Global Net Lease Appoints Nicholas Radesca as Chief Financial Officer
The board of Global Net Lease Inc. (NYSE: GNL), a publicly traded real estate investment trust externally managed by AR Global, appointed Nicholas Radesca to serve as GNL’s chief financial officer, treasurer and secretary, effective January 20, 2017.
Radesca, the chief financial officer of AR Global, has served in the same capacity for a number of traded and non-traded REITs sponsored by the company. He has experience in senior accounting, tax and financial reporting.
Sue Perrotty, GNL’s non-executive chairperson noted, “We welcome Nick to the leadership team of GNL. The wealth of experience he brings strengthens the GNL management team as we continue to build GNL into a leading global net lease REIT.”
Radesca is replacing Timothy Salvemini, who will be leaving GNL on January 20, 2017 to pursue other opportunities. The company noted that Salvemini did not resign due to any disagreement with GNL, its advisor or property manager, and has offered to make himself available to facilitate a smooth transition.
Global Net Lease recently closed its $3.1 billion merger with an American Realty Capital Global Trust II, a non-traded REIT sponsored by AR Global, after shareholders of both companies approved the proposed transaction. The combined company will retain the Global Net Lease name, trade on the New York Stock Exchange under the ticker symbol “GNL,” and continue to be led by GNL’s current management team.
Last week, William Kahane resigned from the board of directors of Global Net Lease and was replaced by another long-time AR Global executive, Edward Weil. The board approved to have 32,000 unvested restricted shares of common stock owned by Kahane vest simultaneously with his resignation. If vesting had not been accelerated by the board, 24,000 of these unvested restricted shares would have been forfeited upon his voluntary resignation.
Global Net Lease closed at $7.94 per share on Friday.
Global Net Lease invests in 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. Following the merger, the company owns a portfolio of 345 properties in 7 countries.
