Global Net Lease to Acquire Modiv Industrial in $535M Merger
By Mark Hallum May 4, 2026 12:44 pm
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Two industrial real estate investment trusts (REITs) have come to a $535 million merger agreement.
Global Net Lease (GNL), which acquires and manages properties across the U.S., Canada and Europe, closed on a deal to acquire Modiv Industrial, which has a total of 42 properties and 4.3 million square feet in assets under management, the firms announced Monday. The buyer paid about a 17 percent premium to Modiv’s closing share price on Friday, according to the firms.
GNL has 820 properties totaling 41 million square feet and has been on a path away from less reliable asset classes, such as office.
“We believe this transaction is a compelling opportunity for GNL to expedite our transition to earnings growth in 2026 following the completion of our de-leveraging initiative while continuing to reduce our office exposure,” Michael Weil, CEO of GNL, said in a statement. “Modiv has thoughtfully assembled a high-quality portfolio of industrial net-lease assets that provide durable and predictable cash flows that align well with our objectives of enhancing earnings and long-term portfolio quality.”
The Denver-based Modiv has properties in California, Florida, Minnesota and Washington, which GNL expects to be immediately accretive to earnings, according to Weil.
“We have long believed that our portfolio’s quality was historically mispriced by the marketplace and that we would be receptive if someone sought to close the value gap sooner than we could,” said Aaron Halfacre, president and CEO of Modiv. “Over the past year, Modiv attracted substantial interest from a range of suitors, including multiple unsolicited offers, but GNL distinguished itself through the long-term opportunity this transaction creates.”
News of the acquisition comes during a busy period for industrial merger deals, as Brookfield Asset Management reached an agreement to acquire the California-based industrial REIT Peakstone Realty Trust for approximately $1.2 billion in February, as Commercial Observer previously reported.
Mark Hallum can be reached at mhallum@commercialobserver.com.
