Global Net Lease, Inc. (GNL), the non-traded REIT formerly known as American Realty Capital Global Trust, Inc., plans to list its share of common stock on the New York Stock Exchange (NYSE) sometime this week. Expectations were that the non-traded REIT would have listed in May, however, GNL announced on Friday that it anticipates trading publicly this week.
Final preparations prior to listing most likely contributed to the delay. For example, the REIT’s board of directors recently approved a new management agreement which will be filed before listing on the NYSE.
“A special committee of the board, comprised solely of its independent directors, worked diligently with its financial advisors and external counsel to complete a new management agreement that will not only provide long-term economic benefits to GNL’s stockholders, including lower fees, but will also insure the continuity of experienced management, as well as further align the interests of stockholders and the manager,” commented Sue Perrotty GNL’s Non-Executive Chair of the Board.
Global Net Lease, Inc. will trade using the symbol “GNL” and in conjunction with listing, the company intends to launch a tender offer to purchase up to $125 million of its shares at $10.50 per share.
The REIT’s portfolio consists of over 300 properties in the U.S. and Europe with an aggregate cost of $2.4 billion, as of December 31, 2014.