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Deal involves the real estate assets of Deerfoot Inn and Casino and Great Northern Casino in Alberta
VICI Properties, an experiential real estate investment trust, has announced the completion of the previously announced transaction to acquire the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels that are adjacent to the Great Northern Casino located in Alberta, Canada, for US$144.4m, in connection with the closing of Pure Casino Entertainment Limited Partnership’s take-private acquisition of Gamehost. The company funded the Real Estate Transaction through a Canadian dollar-denominated draw on its multicurrency revolving credit facility.
Simultaneous with the closing of the Real Estate Transaction, the Portfolio was added to the existing triple-net master lease agreement between VICI Properties and PURE and annual rent increased by US$11.6m. The Portfolio rent will escalate at one per cent on February 1, 2028, and escalation will conform to the PURE Master Lease thereafter at the greater of 1.5 per cent or the change in Canadian CPI (capped at 2.5 per cent).
Additionally, the term of the PURE Master Lease was extended such that the PURE Master Lease has a full 25-year initial base lease term, with four 5-year tenant renewal options.
The tenants’ obligations under the PURE Master Lease continue to be guaranteed by Indigenous Gaming Partners
