Spirit MTA REIT has agreed to sell a net lease portfolio for $2.4bn in cash to Hospitality Properties Trust. The portfolio includes 774 service-oriented net leased retail properties. The tenant mix spans 22 different industries and 164 brands that include quick service and casual dining restaurants, movie theaters, health and fitness, specialty retail, automotive parts and services, and other service-oriented and necessity-based industries.
“We believe that the acquisition of this high-quality, net lease portfolio creates a stronger HPT. The combination of this diversified portfolio with our unique lodging structure and net lease travel centers, yields a REIT with greater scale, a more secure financial profile and greater diversity in tenant base, property type and geography,” said John Murray, president and CEO of Hospitality Properties Trust.
