Service Properties Trust has completed the sale of 123 net lease properties for $435m. The portfolio includes 2.4 million sq ft of space in 26 states. The transaction is part of a previously announced disposition plan to sell up to $500m worth of net lease assets in connection with its acquisition of a net lease portfolio of service-oriented retail properties from Spirit MTA REIT.
“The disposition of this net lease portfolio represents a pivotal step in executing on the company’s strategy to sell certain non-core assets acquired as part of the SMTA transaction,” said John Murray, president and CEO of Service Properties Trust. “Coupled with our other recent net lease sales and agreements to sell totaling $66m, we have reached our target of $500m in net lease asset sales, the proceeds of which will be used to reduce the company’s leverage.”
