NEW YORK CITY—American Realty Capital Global Trust has announced that it plans to file an application to list its common stock on the New York Stock Exchange under the symbol “GNL,” and, subject to NYSE approval, anticipates that its common stock will begin trading on the NYSE during the second quarter of 2015. Concurrent with the listing, the company intends to change its name to “Global Net Lease.”
The company also revealed that P. Sue Perrotty has been appointed to the company's board of directors as non-executive chair, effective immediately. Perrotty replaces William Kahane, who is stepping down as executive chairman. Kahane will remain a director of the company.
Says Scott Bowman, CEO of Global Trust, “The decision to seek a liquidity event by listing on the NYSE marks an exciting milestone for the company and its stockholders. Since its inception, the company has successfully acquired 295 properties—aggregating approximately 16 million square feet across the US and Europe—consistent with its corporate sale-leaseback strategy. The company remains strategically positioned to continue its growth, and our US and European management teams look forward to using their expertise to capitalize on further property investments and seek to enhance long-term value for our stockholders.”
This decision is the result of a process begun in December 2014 by the board of directors to evaluate possible strategic alternatives designed to maximize long-term stockholder value, according to Global Trust.
“I am thrilled to welcome Sue to the Global Trust board as non-executive chair,” Bowman adds. “Sue brings a wealth of industry knowledge as well as extensive senior leadership experience to our Board, and I am confident that she will be an invaluable addition to our team as we seek to continue to create long-term value for our stockholders through the execution of our strategy. With Sue's appointment as chair, our board is now comprised of four directors, three of whom are independent, maintaining our commitment to best-in-class corporate governance.”
Says Perrotty, “This company is dedicated to best practices and is characterized by an exceptional team of managers. The strengths of our investment team, coupled with the significant opportunities in this sector—especially in northern and western Europe—resulting from the economic dislocations across the continent, present an excellent opportunity to invest for yield and absolute return.”
Completion of the listing is subject to final approval by the NYSE. As the company intends to list its common stock on the NYSE during the second quarter of 2015, it will not publish an estimated net asset value following the filing of its annual report on Form 10-K for the year ended December 31, 2014.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
