VICI Properties Inc. Announces Expanded Investments With Existing Partners Chelsea Piers and Cabot
2023年12月19日 - 10:00PM
ビジネスワイヤ(英語)
VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or
the “Company”) an experiential real estate investment trust, today
announced the expansion of two experiential relationships with the
acquisition of the leasehold interest of Chelsea Piers in New York
City (“Chelsea Piers”), as well as an agreement with Cabot for a
delayed draw loan facility in Saint Lucia and an agreement in
principle to provide a delayed draw loan facility in Scotland, for
potential total gross committed capital of nearly $550 million at a
blended investment yield of approximately 8%, with $480 million of
this capital incremental to the original ~$70 million loan to
Chelsea Piers. The transaction with Chelsea Piers represents VICI’s
first conversion of an initial loan investment into real estate
ownership, and the agreement with Cabot will expand and
internationalize the companies’ investment partnership in
pilgrimage golf beyond the existing financing agreement for the
development of Cabot Citrus Farms in Florida. Further details are
below:
- Chelsea Piers: Chelsea Piers is the premier sports and
entertainment complex in New York City, opened in 1995 and located
on 28 acres between 17th and 23rd Streets alongside Manhattan’s
Hudson River. Comprised of over 780,000 square feet of real estate,
Chelsea Piers is a truly irreplaceable experiential asset with
state-of-the-art sports facilities, commercial space primarily used
for production studios, three flexible and expansive event spaces,
a marina and more.
- The Chelsea Piers triple-net lease agreement will have an
initial term of 32 years, with a 10-year extension option that
Chelsea Piers is obligated to extend provided all conditions have
been met. In connection with the transaction, VICI’s existing loan
facility to Chelsea Piers was repaid in full and terminated.
- Cabot Saint Lucia: VICI has provided a delayed draw
development loan to Cabot Saint Lucia for the development of a
luxury golf resort, including a beach restaurant, clubhouse, luxury
accommodations, swimming pools, and a health and wellness offering.
The 375-acre property located on the Saint Lucian coast features an
18-hole golf course, which opened in December 2023 and was recently
featured on the cover of Golf Magazine, debuting immediately in
Golf Magazine’s Top 100 Golf Courses in the World. The resort will
feature a collection of residences ranging from townhouses and
villas to single-family homes. The delayed draw development loan
has a term of 7 years.
- Cabot Highlands: VICI has agreed in principle to provide
a delayed draw development loan for the redevelopment of Cabot
Highlands, with a call right agreement to acquire a portion of the
real estate assets upon stabilization of the resort, subject to
negotiation of definitive documentation and other customary closing
conditions. Cabot Highlands, situated in Inverness beside The Moray
Firth in the Scottish Highlands, currently features the World Top
100 18-hole Castle Stuart Golf Links course, and Cabot is currently
developing a second course designed by acclaimed golf course
architect Tom Doak, with expected completion in 2025. The delayed
draw development loan is expected to have a term of 7 years.
The cash portions of the transactions were or are expected to be
funded with a combination of cash on hand, partial settlement of
outstanding forward equity sale agreements, and drawing down funds
denominated in British pounds sterling under the Company’s existing
revolving credit facility.
Key Comments from VICI
- Iconic Experiential Assets - Edward Pitoniak, VICI Chief
Executive Officer: “We are honored to expand our partnerships with
two of the world’s best experiential place makers and operators,
Chelsea Piers and Cabot. Our total commitment of nearly $550
million of capital expresses our conviction in the ability of Cabot
and Chelsea Piers to create indelible experiences that lead, for
decades to come, to enduring relationships with their very valuable
customer bases. Because of Chelsea Piers we are now proud owners of
an iconic New York experiential riverfront real estate asset, and
because of Cabot we are now invested in one of the world’s emerging
great destinations, the Scottish Highlands, and on the incomparable
oceanfront of Saint Lucia.”
- Conversion of Financing Partnership – David Kieske, VICI
EVP and Chief Financial Officer: “When we made our first non-gaming
investment and initiated the Chelsea Piers relationship in 2020, we
took care to set the stage for our long-term strategy of real
estate ownership. We are proud to announce today’s leasehold
interest acquisition as VICI’s first financing partnership
conversion, and we are excited to do so alongside Chelsea Piers
with their irreplaceable New York City asset.”
- International Expansion - Samantha Gallagher, VICI EVP
and General Counsel: “The relationship we developed with Cabot in
the formation of our Cabot Citrus Farms investment has provided a
platform of shared understanding and trust that has enabled us to
expand this relationship. The Cabot relationship has also added to
VICI’s geographic diversity, with our first investments in the
Caribbean and in the United Kingdom. We are particularly excited at
the prospect of being a long-term investor and real estate owner at
Cabot Highlands, the first fully integrated golf resort in the
world’s foremost pilgrimage golf region, the Scottish
Highlands.”
Key Comments from Our Partners
- Fuel for Growth - Ben Cowan-Dewar, Cabot Founder and
Chief Executive Officer: “At Cabot, we seek to envision, develop
and operate golf destinations like Cabot Saint Lucia and Cabot
Highlands that rank among the World Top 100. With these two
properties, we believe we have very compelling opportunities to
create resorts that can further enhance Cabot’s standing as the
pre-eminent international luxury golf resort brand. VICI is proving
to be a vital capital partner in our global expansion, and we look
forward to continuing to work with VICI as we grow our
network.”
- Essential Partnership - Roland Betts, Chelsea Piers
Chairman and Co-Founder: “VICI’s partnership with Chelsea Piers has
been essential over the last 3+ years. From the start of our
relationship with the loan facility in 2020 to the leasehold
interest transaction announced today, Ed and team have supported
our deep conviction around the vitality and irreplaceability of
what Chelsea Piers contributes to the New York community.”
In addition to this release, the Company has furnished
Transaction Overview presentations. Both are available on VICI’s
website in the “Investors” section, under the menu heading “Events
& Presentations.” For both presentations, please visit
https://investors.viciproperties.com/events-and-presentations/.
About VICI Properties
VICI Properties Inc. is an S&P 500® experiential real estate
investment trust that owns one of the largest portfolios of
market-leading gaming, hospitality and entertainment destinations,
including Caesars Palace Las Vegas, MGM Grand and the Venetian
Resort Las Vegas, three of the most iconic entertainment facilities
on the Las Vegas Strip. VICI Properties owns 93 experiential assets
across a geographically diverse portfolio consisting of 54 gaming
properties and 39 non-gaming experiential properties across the
United States and Canada. The portfolio is comprised of
approximately 127 million square feet and features approximately
60,300 hotel rooms and over 500 restaurants, bars, nightclubs and
sportsbooks. Its properties are occupied by industry-leading
gaming, leisure and hospitality operators under long-term,
triple-net lease agreements. VICI Properties has a growing array of
real estate and financing partnerships with leading non-gaming
experiential operators, including Bowlero, Cabot, Canyon Ranch,
Chelsea Piers, Great Wolf Resorts, and Kalahari Resorts and
Conventions. VICI Properties also owns four championship golf
courses and 33 acres of undeveloped and underdeveloped land
adjacent to the Las Vegas Strip. VICI Properties’ goal is to create
the highest quality and most productive experiential real estate
portfolio through a strategy of partnering with the highest quality
experiential place makers and operators. For additional
information, please visit www.viciproperties.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. You can identify these
statements by our use of the words “assumes,” “believes,”
“estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,”
“will,” and similar expressions that do not relate to historical
matters. All statements other than statements of historical fact
are forward-looking statements. You should exercise caution in
interpreting and relying on forward-looking statements because they
involve known and unknown risks, uncertainties, and other factors
which are, in some cases, beyond VICI’s control and could
materially affect actual results, performance, or achievements.
Among those risks, uncertainties and other factors are risks that
VICI may not enter into the pending transactions on the
contemplated terms, or at all, or achieve the anticipated benefits
of the transactions, including any future transactions or the
anticipated benefits thereof. Additional important risk factors
that may affect VICI’s business, results of operations and
financial position are detailed from time to time in VICI’s filings
with the Securities and Exchange Commission. VICI does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise, except as may be required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231218710665/en/
Investors: Investors@viciproperties.com (646) 949-4631 Or
David Kieske EVP, Chief Financial Officer
DKieske@viciproperties.com
Moira McCloskey SVP, Capital Markets
MMcCloskey@viciproperties.com
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