Global Net Lease, Inc. has closed on the first phase of the sale of its multi-tenant portfolio to RCG Ventures, LLC. This initial phase includes 59 unencumbered properties, totaling approximately $1.1 billion in gross proceeds upon closing. For RCG Ventures, the transaction included a new loan facility with Truist and Key Bank and equity investments from multiple institutional investors including Ares Management Alternative Credit funds, Koch Real Estate Investments and Goldman Sachs Alternatives.
“As longtime, dedicated multi-tenant real estate investors, we have deep conviction in retail as an asset class,” said Michael Klump, founder and chairman of RCG Ventures and its parent company, Argonne Capital. “This transformative transaction more than doubles our footprint of shopping centers across the U.S., and we look forward to leveraging our vertically integrated team to attract and retain high-quality tenants and deliver value for our partners, investors and communities in which we operate.”
GNL expects to remain on schedule to complete the sale of the 41 encumbered properties in two additional phases by the end of the second quarter.
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