Global Net Lease secures €257m financing for UK portfolio

New York-listed REIT Global Net Lease (GNL) has secured a new five-year £230 mln (€257 mln) multi-property financing covering its 43 UK assets.

The syndicated balance sheet loan led by Lloyds Bank, which closed on 16 August, replaces the individual property loans on 38 of the properties, which amounted to £209 mln. CBRE Capital Advisors was engaged to advise and arrange the financing.

'The refinancing of our UK assets has been a priority for us this year,' said James Nelson, GNL's CEO.

'We are pleased to have worked with CBRE to secure attractive financing terms with Lloyds and to have significantly extended the debt maturity on our UK assets to five years from what was a remaining term of one year for the encumbered properties, and to have lengthened our overall portfolio debt maturity to 3.9 years from 3.3 years,' he added.

The loan, which matures on 13 August 2023, bears interest at a rate of 1.975% + 3-month sterling LIBOR, with the interest rate for 80% of the loan amount fixed by a swap agreement to 3.299%.


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