- RCG Ventures is acquiring 100 retail assets across 28 states for $1.8B, a major shift in their asset mix.
- Global Net Lease used the proceeds to cut debt and shift to a single-tenant net lease model.
- The transaction will close in three phases, with 59 properties selling in Q1 and 41 changing hands in Q2.
- GNL has completed nearly $3B in dispositions as part of its transformation strategy.
RCG Ventures has acquired 100 retail assets from Global Net Lease (GNL) for $1.8B, a major step in GNL’s shift to a single-tenant net lease model, per Commercial Search.
Deal Details
In a major portfolio shift, Global Net Lease Inc. (GNL) is selling 100 non-core retail properties to a subsidiary of RCG Ventures Holdings LLC for $1.8B.
The deal includes a $470M debt assumption and a $25M non-refundable deposit paid by RCG Ventures.
The New York-based REIT is using the net proceeds to reduce leverage and improve liquidity, aiming to boost occupancy to 98%.
The deal will close in three phases, with 59 unencumbered properties expected to close by Q1’s end and 41 properties with loan assumptions closing by Q2.
Inside The Portfolio
The 14.7M SF portfolio spans 28 states, with a tenant mix that includes Petsmart (4.9%), Dick’s (4.5%), Kohl’s (3.8%), Best Buy (3.2%), and Michael’s (3.1%).
The assets are comprised of 61% power centers, 22% grocery-anchored properties, and 17% anchored shopping centers.
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Strategic Transformation
GNL launched a strategic disposition plan in 2024 to transition into a single-tenant net lease company.
This included selling The Plant, a 367K SF super-regional retail center in San Jose, CA, for $95M in August.
Other key sales include a 366K SF office property in the UK for $27M and a nine-property cold storage portfolio to Americold Realty Trust (COLD) for $170M.
In total, GNL expects to complete nearly $3B in dispositions by year-end.
Expanding Portfolio
The deal marks another major acquisition for RCG Ventures, which has been on a retail buying spree.
In December, RCG acquired the 215K SF Pinnacle Nord du Lac retail center in Covington, LA, for $27M and the 167K SF Oakland Plaza shopping center in Troy, MI, for $25.6M.
RCG, founded in 2003, has acquired over $1.6B in retail assets and manages up to 14M SF. The GNL deal significantly expands its national footprint, positioning the firm for further retail sector growth.
