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In its most significant step in transforming into a pure-play, single-tenant net lease company, Global Net Lease Inc. has agreed to sell 100 non-core retail properties to a subsidiary of RCG Ventures Holdings LLC, for approximately $1.8 billion.

The deal calls for RCG to pay cash after the assumption of $470 million in pre-existing debt. GNL received a $25 million non-refundable deposit from the Atlanta-based real estate investment firm at the signing of the binding agreement.

GNL, a New York-based REIT, expects to use the net proceeds from the multi-tenant portfolio sale to significantly reduce the outstanding balance on its revolving credit facility. Strategic benefits of the portfolio sale cited by GNL include reducing leverage, improving its liquidity position and boosting occupancy to 98 percent, among other key portfolio metrics.