Landmark Infrastructure Partners LP (NASDAQ: LMRK) announced yesterday that it has completed the sale of its interests in the joint venture that holds its European outdoor advertising portfolio for a purchase price of GBP 95 million, subject to certain adjustments.
Landmark Infrastructure Partners expects to use the net proceeds from this transaction to repay borrowings on its revolving line of credit, terminate some existing interest rate swap agreements and for general partnership purposes.
Tim Brazy, Chief Executive Officer of the Partnership’s general partner said “We are excited to announce the sale of our European outdoor advertising portfolio as it will significantly reduce our leverage levels while we continue to assess the impact of COVID-19 on our portfolio. While the Transaction may be dilutive to funds from operations and adjusted funds from operations, the Transaction is expected to provide us with significant capital and allow us to take advantage of additional acquisition and development opportunities.”
Landmark Infrastructure Partners LP owns and manages a portfolio of real property interests and infrastructure assets that the Partnership leases to companies in the wireless communication, outdoor advertising and renewable power generation industries.