Global Net Lease, Inc. acquired six industrial and distribution properties for a total of $63.4m during the first quarter of 2018. Covering 759,940 sq ft, the properties are located in Mississippi, Michigan and Illinois. The leases for these facilities are with (or guaranteed by) Fiat Chrysler, Chemours Company, Lee Steel Holdings, and LSI Steel Processing. The six assets were purchased at prices equating to a weighted-average GAAP capitalization rate of 7.67 percent and a weighted-average remaining lease term of 10 years. GNL funded the transactions with cash on hand and borrowings under its revolving credit facility.
