VICI Properties completes $200.8m real estate purchase from Pure Canadian Gaming Corp
The sale includes four properties as part of a leaseback transaction.
VICI Properties has acquired a group of real estate assets in Canada from Pure Canadian Gaming Corp. for $200.8m. The group gained properties from Pure Casino Edmonton, Pure Casino Yellowhead, Pure Casino Calgary and Pure Casino Lethbridge.
The real estate investment trust said it financed the purchase with “a combination of cash on hand and from drawing down funds under its existing revolving credit facility in Canadian dollars.”
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.
VICI Properties President and COOJohn Payne described the transaction as a pivotal piece in the company’s global expansion efforts.
He 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.”
VICI Properties recently provided a mezzanine loan of up to $350m to aid in financing a partnership between Fontainebleau Development and Koch Real Estate Investments. The two are working to finish construction of Fontainebleau Las Vegas, which will sit at the north end of the Strip.
Fontainebleau and Koch Real Estate anticipate that the project should be open to the public sometime during 2023’s fourth quarter.
Once completed, Fontainebleau Las Vegas will contain a 67-story hotel, as well as gaming, entertainment and meeting space. The resort will occupy 25 acres and more than nine million total square feet.
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