Real estate investment trust Vici Properties has completed its acquisition of four casinos in Alberta, Canada from Century Casinos for CA$221.7m (£130.1m/€151.7m/US$162.6m).
Announced by Vici in May, the sale-leaseback transaction covers the entire Century portfolio of land-based casinos in Canada.
Vici takes ownership of Century Casino & Hotel Edmonton, Century Casino St Albert, Century Mile Racetrack and Casino along with Century Downs.
The purchase is being funded using proceeds from a partial settlement of forward equity sale agreements and funds from an existing revolving credit facility.
Vici-Century master lease agreement extended
The casinos will be added to the existing master lease agreement between Vici and Century. Annual rent will increase by $17.3m or 7.8% of the cost of the acquisition.
This agreement is also being extended so that the lease has a full 15-year initial base lease term. This includes four five-year tenant renewal options, with Century agreeing to ex..