Blackwells Capital Issues Presentation Highlighting Compelling Combination of Global Net Lease and The Necessity Retail REIT
June 12 2023 - 8:00AM
Business Wire
Blackwells Capital LLC (together with its affiliates,
“Blackwells”), an alternative investment management firm that is a
shareholder of both Global Net Lease Inc. (NYSE: GNL) (“Global Net
Lease,” “GNL” or the “Company") and The Necessity Retail REIT Inc.
(NASDAQ: RTL) (“Necessity Retail REIT” or “RTL”), today issued a
presentation that describes Blackwells’ rationale for supporting
the proposed merger of GNL and RTL. The compelling combination will
result in a pro forma entity with nearly $10 billion in real estate
assets, making GNL one of the largest publicly traded net lease
REITs. Blackwells expects that the increased scale, diversity and
efficiency, combined with internalization of management and
impressive governance enhancements, will position the Company to
create immediate and long-term value for all shareholders.
Blackwells’ full presentation is available at
https://www.blackwellscap.com/wp-content/uploads/2023/06/Blackwells-GNL-RTL-Merger-Presentation-v06.pdf.
Jason Aintabi, Chief Investment Officer of Blackwells, said,
“Blackwells has been engaged in extensive discussions with both GNL
and RTL, and has had the opportunity to examine the proposed
transaction and its potential benefits to shareholders. We have
reviewed the portfolios in detail, as well as the proposed and
possible cost savings, the benefits of internalization and the
details of the governance enhancements, and have signed a
non-disclosure agreement in order to continue to pursue this
important collaboration.”
Mr. Aintabi continued, “After this review, we are confident in
the merits of the transaction and believe the scale and diverse
portfolio of the combined company, along with the enhancements to
management and board accountability, will lead to meaningful value
creation and genuine accountability for the Board. We were also
pleased that the management team and Board have asked for our
continued involvement and advice as the Company plots the best
course forward.”
Mr. Aintabi concluded, “We applaud the internalization and
significant governance enhancements that will be in effect as a
result of the merger, which will bring the Company’s governance
in-line with best practices across the REIT industry. This enhanced
accountability and receptivity to shareholder perspectives marks a
significant change from past practice and one which, in our view,
will underpin long-term value creation. We strongly believe that
the new configuration of the Company will cause the stock to
re-rate in value, better reflecting the quality of the assets and
potential of the business.”
Blackwells will vote in favor of the merger and related
proposals at the Special Meetings of both GNL and RTL, as
previously announced.
About Blackwells Capital
Blackwells Capital was founded in 2016 by Jason Aintabi, its
Chief Investment Officer. Since that time, it has made investments
in public securities, engaging with management and boards, both
publicly and privately, to help unlock value for stakeholders,
including shareholders, employees and communities. Throughout their
careers, Blackwells’ principals have invested globally on behalf of
leading public and private equity firms and have held operating
roles and served on the boards of media, energy, technology,
insurance and real estate enterprises. For more information, please
visit www.blackwellscap.com
The views stated, analysis presented and materials referenced
herein have been prepared by Blackwells alone based on its
independent analysis and have not been independently verified by,
and are not necessarily the views of, RTL or GNL.
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version on businesswire.com: https://www.businesswire.com/news/home/20230612412460/en/
Gagnier Communications Dan Gagnier (646) 569-5897
blackwells@gagnierfc.com
Longacre Square Partners (646) 386-0091
blackwells@longacresquare.com
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