Global Net Lease (GNL) acquired eight properties in the United Kingdom for a total purchase price of £61 million ($75 million) at a cap rate of 10.6%. The properties are all leased to a wholly owned subsidiary of Walgreens Boots Alliance. The properties total over 325,000 square feet and have 11.5 years of lease term remaining.
Additionally, GNL was notified by Rheinmetall, one of the company's tenants in Neuss, Germany, that a five-year lease extension was exercised, extending the tenant's lease on the existing terms until the end of 2028 with no tenant improvement expenses incurred by the company. Including this lease, GNL completed 592,000 square feet of new leases, lease renewals, and tenant expansions in the fourth quarter of 2022.
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