Grifols Plasma Credit Rating & NNN Cap Rate

Metric	Details
Entity / Legal Name	Biomat USA, Inc. and Biomat Newco Corp (U.S. plasma collection subsidiaries); confirm the tenant entity in each lease
Parent Company	Grifols, S.A. (NASDAQ: GRFS; BME: GRF)
Credit Ratings (Grifols)	S&P: BB- / Moody’s: B1 (Positive) / Fitch: BB- (Stable)
Ratings and Outlooks	S&P BB- / Moody’s B1 (Positive) / Fitch BB- (Stable)
Investment Grade Status	Below Investment Grade
Sector	Plasma Collection / Biopharmaceuticals
U.S. Plasma Center Count	310 of more than 400 plasma collection centers worldwide (Form 20-F for 2025)
Median asking cap rate	Too few active listings to report
Typical Lease Term	Varies; confirm in the lease
Guarantee Type	Varies; confirm the tenant entity and whether Grifols, S.A. or another Grifols entity guarantees the lease
Parent Annual Revenue	€7.52B (FY2025, company-reported)
Typical Building Size	Varies; confirm for each property

Grifols is not investment grade. Grifols, S.A. carries credit ratings of BB- from S&P Global Ratings, B1 (Positive outlook) from Moody’s and BB- (Stable outlook) from Fitch Ratings: all below the BBB-/Baa3 investment grade threshold. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.

Grifols Business Overview & NNN Investment Profile

Grifols, S.A. is a Barcelona, Spain-based global biopharmaceuticals company that believes it ranks among the three largest plasma derivatives producers by total sales, along with Takeda and CSL (Form 20-F for 2025). In the United States, Grifols collects plasma through its Biomat Group subsidiaries, including Biomat USA and Biomat Newco, and it reports 310 U.S. plasma collection centers among more than 400 worldwide (Form 20-F for 2025). These U.S. centers supply raw source plasma to Grifols’ manufacturing operations, which produce albumin, immunoglobulins, clotting factors, and other plasma-derived therapies.

Non-Investment Grade / High Yield: BB-/B1. Grifols is rated S&P BB-, Moody’s B1 (Positive) and Fitch BB- (Stable), all below investment grade. Moody’s has cited Grifols’ current leverage, capital intensity and working capital requirements as rating considerations (Grifols release, February 16, 2026), and Grifols states that it remains committed to deleveraging in the medium term (Form 20-F for 2025). Grifols reported €7.5 billion of 2025 net revenue and describes its substantial indebtedness in its Form 20-F. How much that indebtedness bears on a specific lease depends on whether Grifols, S.A. signs or guarantees it; otherwise the lease rests on the credit of the Grifols entity named as tenant. Compare the BB-/B1 profile with other plasma tenants such as CSL Plasma (A-/A3) and BioLife (BBB+/Baa1), and confirm which entity signs or guarantees each lease.

The Plasma Center NNN Comparison: Grifols vs. CSL vs. BioLife

Compare the current ratings of these plasma collection NNN tenants:

Plasma Tenant	Rating
CSL Plasma	A-/A3
BioLife Plasma	BBB+/Baa1
Grifols / BioMat USA	BB-/B1
Octapharma Plasma	no verified rating

Grifols NNN Cap Rate & Pricing

Too few active Grifols listings with a published cap rate are observed to report a median asking cap rate. Comparable plasma tenants appear in the live table below when at least three active listings with a published cap rate are observed for a tenant.

Check the current rating outlooks above before pricing; an outlook change can affect pricing.

Is Grifols investment grade?

No. Grifols is rated BB- by S&P, B1 (Positive) by Moody’s and BB- (Stable) by Fitch, all below the BBB-/Baa3 investment grade line. NNN investors should confirm whether Grifols, S.A. guarantees the lease, underwrite the guarantor’s leverage and compare other plasma tenants such as CSL Plasma (A-/A3) and BioLife (BBB+/Baa1).

What brand name does Grifols use for its US plasma centers?

Grifols’ U.S. donation centers operate under the Grifols name, and its U.S. plasma collection subsidiaries include Biomat USA, Inc. and Biomat Newco Corp (Form 20-F for 2025). The tenant and any guarantor vary by lease. Confirm the entity named in each lease and whether Grifols, S.A. or another Grifols entity guarantees it, because the ratings shown are for Grifols, S.A.

Grifols / BioMat USA Net Lease Property: Buying, Selling and Financing

Buying: We find on-market and off-market Grifols / BioMat USA properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.

Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.

Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.

1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.

Request an NNN investment consultation or email team@investmentgrade.com.