Global Net Lease announced today that it closed on the acquisition of eight properties in the United Kingdom for a total purchase price of £61 million ($75 million in US dollars based on the exchange rate at closing) at a cap rate of 10.6%. The properties are all leased to a wholly owned subsidiary of Walgreens Boots Alliance Inc. (“Walgreens”).

The properties total over 325,000 square feet and have 11.5 years of lease term remaining.

“GNL is off to a great start in 2023, continuing to strengthen our portfolio through buying properties long-term leased to investment grade tenants and extending leases with existing high-quality tenants,” said James Nelson, CEO of GNL.

He added: “We acquired the portfolio of Boots properties at a very favourable cap rate and with over 11 years of remaining lease term. The lease extension with Rheinmetall was accomplished a year ahead of the prior lease’s expiration, without any expense or concessions from the Company. Our team continues to seek out and execute on transactions like these that will grow and fortify our best-in-class portfolio.”