Global Net Lease, Inc. has entered into a binding agreement to sell its multi-tenant portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings, LLC for approximately $1.8 billion at an 8.4% cash cap rate. The sale would accelerate GNL’s deleveraging initiative and position the company as a pure-play, single-tenant net lease company.

GNL launched its strategic disposition initiative in 2024 to significantly reduce debt, enhance financial flexibility and lower the cost of capital. Following completion of the multi-tenant portfolio sale, GNL expects to have completed nearly $3 billion in dispositions by the end of 2025.

“We believe the proposed sale of our multi-tenant portfolio is a strategic and prudent transaction that will bolster our balance sheet and position GNL for continued success,” said Michael Weil, CEO of GNL. “The proposed transaction greatly decreases operational complexities, G&A expenses and capital expenditures associated with multi-tenant retail properties.”

Pictured: Fountain Square in Brookfield, WI, among the multi-tenant properties GNL is selling.

TA Realty and EdgeConneX are working together on a 324 MW hyperscale data center near Atlanta. Construction is set to start later this year, and the first phase is expected to come online by 2026. The campus is slated for Union City, southwest of Atlanta.

Microsoft is reported to be the end user for the future campus. The development will eventually measure about 2.1 million square feet and cost roughly $1.8 billion.

In addition to the first 612,000-square-foot building to be delivered in Phase 1, two more facilities of the same size are to be constructed in three phases, with the entire project set for completion by 2029.

Last month, the Development Authority of Fulton County approved $75 million in incentives over a 10-year period for EdgeConneX. The project is expected to create about 50 full-time jobs and 400 to 600 temporary construction jobs. The 10-year economic impact is estimated to be approximately $2.9 billion with about $200 million in tax revenues over the same period.