Real property funding consider VICI Properties has finished the purchase of the actual property property of 4 Century Casinos houses in Canada.
Following an preliminary settlement in May, VICI has paid an mixture buy rate of CAD$221.7 million to gather the actual property property of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino in Edmonton, in addition to Century Downs Racetrack and Casino in Calgary.
The transaction closed September 6 and become funded thru a aggregate of proceeds from the partial agreement of ahead fairness sale agreements, and a draw down in opposition to the company’s present revolving credit score facility in Canadian dollars.
Simultaneous with the remaining of the deal, the Century Canadian portfolio become introduced to the prevailing triple-internet grasp rent settlement among VICI and Century Casinos, and annualized hire improved by $17.three million.
Additionally, the time period of the grasp rent with Century become prolonged in order that the rent has a complete 15-yr preliminary base rent time period, with 4 5-yr tenant renewal options.
“We are thrilled to increase our top partnership with VICI to our Canada portfolio,” stated Century Casinos co-CEOs Erwin Haitzmann and Peter Hoetzinger. “This transaction presents us with the capacity to pay down our debt and with more economic flexibility as we hold to grow.”
Shares in VICI Properties Inc (NYSE:VICI) closed 0.sixty two consistent with cent better at $31.01 consistent with percentage in New York Wednesday, at the same time as stocks in Century Casinos Inc (NASDAQ:CNTY) closed 6.60 consistent with cent decrease at $6.09 consistent with percentage.