Global Net Lease acquired five industrial assets, totaling approximately 1.4 million sq ft, in a $83m deal. Three of the buildings are located in Michigan, one in Ohio and one in Indiana, all positioned near interstate highways and rail facilities. All five facility’s are leased to Contractors Steel Company and were purchased at a price equating to a weighted-average GAAP capitalization rate of 8.19 percent. The assets in this transaction represented all of Contractors Steel Company’s facilities and also house the company’s offices, central inventory and processing depot. GNL funded the transactions with borrowings under its revolving credit facility.
