VICI acquires four Canadian gaming properties in $200.8M transaction with Pure

VICI Properties announced 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 and such real estate assets for an aggregate purchase price of approximately C$271.9M or $200.8M. 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. Simultaneous with the acquisition, VICI entered into a triple-net master lease agreement with PURE covering the PURE Portfolio. The PURE Master Lease has an initial total annual rent of approximately C$21.8 M or 16.1M representing an implied acquisition capitalization rate of 8.0%, and an initial term of 25 years, with four 5-year tenant renewal options. PURE’s obligations under the PURE Master Lease are guaranteed by the parent entity of PURE.