VICI Properties, a 2017 spin-off from Caesars Entertainment and an S&P 500 REIT that holds major gaming, hospitality, and entertainment destinations, including several Las Vegas Strip properties announced its first family entertainment sale-leaseback.
VICI acquired 38 bowling centers across 17 states — 11 of them new to VICI — from Bowlero Corp. in a $432.9 million sale leaseback. Bowlero is the largest operator of North American bowling centers, according to the company.
"The lease will have an initial total annual rent of $31.6 million, representing an acquisition cap rate of 7.3%, and an initial term of 25 years, with six 5-year tenant renewal options," the company announced.
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