08:13 AM EST, 02/26/2025 (MT Newswires) -- Global Net Lease ( GNL ) said Wednesday that it agreed to sell a multi-tenant portfolio of 100 non-core properties to a subsidiary of RCG Ventures for approximately $1.8 billion.

The real estate investment trust said the sale is part of its plan to reduce debt and focus on becoming a single-tenant net lease company. The company said it plans to use the net proceeds from the sale to reduce the outstanding balance on its revolving credit facility.

Global Net Lease ( GNL ) also said that its board of directors approved a $300 million share repurchase program.

Shares of the company were up 5.8% in recent premarket activity.