VICI Properties Inc. Completes Acquisition Of 38 Bowling Entertainment Centers In Sale-Leaseback Transaction With Bowlero Corp. For An Aggregate Purchase Price Of $432.9M
Portfolio Pulse from Happy Mohamed
VICI Properties Inc. has completed the acquisition of 38 bowling entertainment centers from Bowlero Corp. in a sale-leaseback transaction for $432.9 million. This marks VICI's first sale-leaseback transaction in the family entertainment sector. The deal is expected to be immediately accretive to AFFO per share and diversifies VICI's tenant base and geographic reach. VICI also entered into a triple-net master lease agreement with Bowlero, with an initial total annual rent of $31.6 million.
October 19, 2023 | 8:27 pm
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NEUTRAL IMPACT
Bowlero Corp. has sold 38 of its bowling entertainment centers to VICI Properties in a sale-leaseback transaction.
The sale of the bowling centers to VICI Properties in a sale-leaseback transaction allows Bowlero Corp. to free up capital while still maintaining control of the properties.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
VICI Properties has diversified its tenant base and geographic reach with the acquisition of 38 bowling centers from Bowlero Corp.
The acquisition of the bowling centers from Bowlero Corp. diversifies VICI's tenant base and geographic reach, which could potentially drive future growth and value creation for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100