A U.S.-based REIT has acquired four Alberta gambling venues for $221.7 million.
New York-headquartered VICI Properties REIT bought Century Casino & Hotel Edmonton; Century Casino St. Albert; Century Mile Racetrack and Casino in the Edmonton region; and Century Downs Racetrack and Casino in the Calgary area.
The deal, announced in a news release, comprises a portfolio sale-leaseback. The seller, Colorado Springs, Colo.-based Century Casinos, agreed to lease the properties for at least 20 years.
The Canadian venues were added to a master lease agreement between VICI and Century. In conjunction with the sale, the master lease was extended to a full 15-year initial base term with four five-year tenant renewal options.
According to the news release, Century has irrevocably agreed to exercise the first five-year renewal option. As a result of the revised master lease, Century’s total annualized rent increased to C$17.3 million (US $12.7 million).
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.