VICI Properties Inc. Completes Sale-Leaseback of Canadian Portfolio in Connection With Pure Casino Entertainment’s Acquisition of Gamehost
VICI Properties completed the acquisition of three Canadian properties for CAD$200.6 million to support Pure Casino Entertainment's acquisition of Gamehost.Summary
VICI Properties Inc. has successfully completed the acquisition of the real estate assets for Deerfoot Inn & Casino, Great Northern Casino, and two adjacent hotels in Alberta, Canada. The transaction, valued at CAD$200.6 million, was funded through a draw on VICI's revolving credit facility and is integral to the closing of Pure Casino Entertainment Limited Partnership's take-private acquisition of Gamehost Inc. The acquired properties were immediately added to VICI's existing triple-net master lease agreement with PURE, resulting in an annual rent increase of CAD$16.1 million. The lease terms include a 25-year initial base term with four renewal options and rent escalations tied to the PURE Master Lease or Canadian CPI, subject to a cap. The tenants' obligations are guaranteed by Indigenous Gaming Partners, Inc. VICI Properties is an experiential real estate investment trust with a significant portfolio of gaming, hospitality, and entertainment destinations across the United States and Canada.
(Source：Financialcontent)