New Mountain Net Lease Trust to buy NMNL II portfolio for ~$2.4B in related-party deal

New Mountain Net Lease Trust

Purchase Agreement dated Oct 15, 2026: Company to acquire 100% of NMNL II's assets for a gross purchase price of ~$2.4B via mergers/asset acquisitions.
Portfolio: 180 single-tenant industrial net-lease properties, over 18M sq ft, 39 tenants, ~15-year weighted average remaining lease term, 2.6% avg annual escalators.
$24M escrow deposit (1.0% of price) due by Oct 22, 2026; due diligence period expires Nov 29, 2026; closing targeted on or about Jan 1, 2027.
Financing: cash on hand, assumption of ~$1.3B existing mortgage debt, new borrowings, and shares issued to NMNL II investors who elect to roll over rather than take cash.
Seller NMNL II is managed by an affiliate of the Company's adviser; board approved the deal subject to receipt of a fairness opinion from Jones Lang LaSalle Securities.

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