American Realty Capital Global Trust Inc. (Global Trust) announced in early March that it intends to list on the New York Stock Exchange under the name Global Net Lease, Inc. and symbol “GNL.” This week the REIT re-affirmed its intention and now anticipates trading of its common stock will begin the week of May 4, 2015.
“We are pleased to re-affirm our plan to list on the New York Stock Exchange, marking a very important milestone in the evolution of this Company and providing our investors the benefits of owning shares listed on a major public exchange,” commented Scott J. Bowman, Global Trust’s Chief Executive Officer.
Also, Global Trust intends to commence a tender offer to purchase up to $125 million of its common stock at $10.50 per share at the time of listing. The tender offer is expected to be available for 20 days from the day of listing.
Utilizing a sale-leaseback strategy, the REIT has built a portfolio of over 300 properties in the U.S. and Europe with 16.5 million square feet in aggregate.
“We’re very proud of the portfolio we’ve assembled from the ground up, with a strong credit profile, long-term leases and a focus on mission critical assets,” said Andrew Winer, Global Trust’s President and Chief Investment Officer.
Patrick J. Goulding, Global Trust’s Chief Financial Officer, added, “We have built a portfolio that we believe is well positioned to provide reliable cash flows augmented over time with embedded contractual rent increases. In addition, we believe our flexible and conservatively capitalized balance sheet provides a solid foundation for future growth.”
Global Trust expects to have access to lower cost capital after listing which will drive growth and generate additional value for shareholders.
Winer added, “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. We have an active pipeline of potential acquisitions opportunities that we believe presents an excellent opportunity to invest for both yield and absolute return, which we continue to evaluate with a rigorous and disciplined approach through our underwriting process.”
Global Trust raised $1.7 billion in its initial public offering and has since created a portfolio with an aggregate cost of $2.4 billion, as of December 31, 2014.