Global Net Lease and The Necessity Retail REIT have agreed to merge in an all-stock transaction valued at $4 billion, creating the third-largest publicly traded REIT. The combined company will own and manage more than 1,350 properties with an aggregate real estate asset value of about $9.6 billion. The portfolio will be made up of 50% retail properties, 30% industrial properties, and 20% office assets. The deal is expected to generate $21 million in annual cost savings and an additional $54 million in savings by canceling outside management by AR Global.