VICI Properties acquires real estate assets from Pure Canadian Gaming
The group snapped up Pure Casino Edmonton, Pure Casino Yellowhead, Pure Casino Calgary, and Pure Casino Lethbridge for approximately $200.8m.
Canada.- VICI Properties has announced that it has acquired the real estate assets of different properties from Pure Canadian Gaming for an aggregate purchase price of approximately $200.8m. The group has added Pure Casino Edmonton, Pure Casino Yellowhead Pure Casino Calgary and Pure Casino Lethbridge to its portfolio.
VICI financed the transaction with a combination of cash on hand and from drawing down funds under its existing revolving credit facility.
Simultaneous with the acquisition, both parties also signed a triple-net master lease agreement that will allow Pure to collect $16.1m in annual rent for the next 25 years, along with possible renewal options built into the deal.
John Payne, president and chief operating officer of VICI Properties, said: “Over the last five and a half years, VICI has built a portfolio of market-leading experiential real estate. Today’s announcement marks another momentous first for VICI as we expand our footprint internationally into Canada with the acquisition of the PURE Portfolio.
“This transaction highlights our ability to source, structure, and fund cross-border transactions, widening our opportunity set as we continue along our growth trajectory. We are pleased to add PURE as our eleventh tenant and look forward to a mutually beneficial partnership.”
Recently, Blackstone and VICI Properties entered into a definitive agreement in which VICI will acquire Blackstone’s 49.9 per cent interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort. VICI already owns 50.1 per cent of the venture.
The transaction is valued at approximately $1.27bn cash. The property-level debt has a principal balance of $3bn, matures in 2032, and bears interest at a fixed rate of 3.558 per cent per annum through March 2030.
