US real estate investment trust VICI Properties has marked its first international investment with the acquisition of four properties in Canada from Pure Canadian Gaming in a C$271.9m (€197m) sale and leaseback deal.
NYSE-listed VICI said it has acquired the real estate assets of PURE Casino Edmonton in Edmonton, PURE Casino Yellowhead in Edmonton, PURE Casino Calgary in Calgary and PURE Casino Lethbridge in Lethbridge.
VICI said it financed the acquisition with a combination of cash and from drawing down funds under its existing revolving credit facility.
As part of the deal, VICI has agreed a triple-net master lease agreement with PURE for the acquired assets located in Alberta.
John Payne, the president and COO of VICI Properties, said the acquisition of the PURE portfolio expands VICI’s footprint internationally into Canada.
“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.”
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