Vici Properties, a real estate investment company, has made an important decision to diversify its portfolio in the area of bowling entertainment.
In a recent leasing transaction, Vici acquired 38 parks from Bowlero Corp. for a total purchase price of $432.9 million.
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This acquisition is in line with Vici Properties' general investment strategy, where it seeks assets that exhibit "low cyclicality, low global risk, proven sustainability and good supply/demand dynamics." As part of this new partnership, Vici Properties entered into a three-way net master sale agreement with Bowlero as part of a sale and leaseback transaction. This loan was arranged with an original loan of $ 31.6 million, reflecting the acquisition cost of 7.3%. These acquisitions are part of Vici Properties' expansion plans, which include the recent expansion into the Canadian market through a partnership with Century Casinos.
The acquisition includes properties such as Century Casino & Hotel Edmonton, Century Casino St. Albert, Century Mile Racetrack and Casino in Edmonton, Alberta, and Century Downs Racetrack and Casino in Calgary, Alberta. The loan terms of the business are set at an initial term of 15 years, with the option of four annual renewals of 5 years, ensuring long-term and flexible financing.
Additionally, Vici Properties has demonstrated financial value and stability over the past several years. In 2021, the company generated total revenue of $1.5 billion, representing year-on-year growth of 23.2%.
