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New Mountain Acquires $640M Net Lease Portfolio Across U.S., Canada, Europe
New Mountain Capital, LLC said Tuesday that funds advised by New Mountain Net Lease have completed the acquisition of a 53-asset net lease portfolio for $640 million. The transaction represents New Mountain Net Lease’s largest acquisition since its inception in 2016.
The predominantly U.S.-based portfolio spans 16 states, with additional assets in Canada, the UK, and Germany, and consists of preexisting long-term net leases to 11 institutional-quality tenants. The portfolio, acquired from a net lease real estate asset manager, contains mission-critical manufacturing assets across a diverse range of industries including food products and distributors, industrial machinery, supplies and components and pharmaceuticals, biotech and life sciences.
The acquisition was made using capital from New Mountain Net Lease Partners II, L.P., which held a final close with $825 million of equity capital commitments in June 2023.
“We will continue to focus on mission-critical assets in defensive growth sectors, where we believe that we are well-positioned to pursue the most attractive opportunities in the net lease asset class,” said Teddy Kaplan, managing director and head of New Mountain Net Lease.
- ◦Sale/Acquisition
