The PURE Master Lease has an initial total annual rent of approximately C$21.8 million (US$16.1 million) representing an implied acquisition capitalization rate of 8.0%, and an initial term of 25 years, with four 5-year tenant renewal options.
Simultaneous with the acquisition, VICI entered into a triple-net master lease agreement with PURE (the 'PURE Master Lease') covering the PURE Portfolio. VICI financed the transaction with a combination of cash on hand and from drawing down funds under its existing revolving credit facility in Canadian dollars. ('PURE' and such real estate assets, the 'PURE Portfolio') for an aggregate purchase price of approximately C$271.9 million (US$200.8 million). (NYSE: VICI) ('VICI Properties' or 'VICI'), an experiential real estate investment trust, announced today that it has acquired the real estate assets of PURE Casino Edmonton in Edmonton, Alberta, PURE Casino Yellowhead in Edmonton, Alberta, PURE Casino Calgary in Calgary, Alberta, and PURE Casino Lethbridge in Lethbridge, Alberta, from PURE Canadian Gaming Corp. NEW YORK, January 09, 2023-( BUSINESS WIRE)-VICI Properties Inc. – Acquisition to be Immediately Accretive –
– Further Diversifies VICI’s Tenant Roster Through Long-Term Partnership with PURE Canadian Gaming Corp.– – Marks VICI’s First International Investment–
