The sale of 3.8 million shares by the asset manager reflects a full exit from GNL despite a 16% annual gain.
Conversant Capital sold its entire 3,803,654-share position in Global Net Lease (GNL) for an estimated $35.80 million, based on the first-quarter average closing price. The transaction, disclosed in a May 15 SEC filing, marked a net position change of $32.71 million for the quarter.
Global Net Lease shares closed at $9.20 on May 14, up 16% over the past year, underperforming the S&P 500’s 25% gain. Conversant’s remaining top holdings include SNDA, INVH, and CCI, with SNDA accounting for 63.3% of assets under management.
The REIT focuses on single-tenant, net-leased commercial properties, primarily serving corporate tenants in the U.S. and Europe through long-term lease agreements.