NEW YORK–(BUSINESS WIRE)–VICI Properties Inc. (NYSE: VICI) (“VICI,” “VICI Properties” or the “Company”), an experiential real estate investment trust, announced today that it has entered into a delayed draw term loan facility for up to $120 million (the “Loan Facility”) and a Purchase and Sale Agreement with Cabot, a developer, owner and operator of world-class destination golf resorts and communities. The proceeds of the Loan Facility will be used to fund Cabot’s property-wide transformation of Cabot Citrus Farms in Brooksville, Florida, with the addition of a new clubhouse, luxury lodging, health and wellness facilities and a vibrant village center. Cabot Citrus Farms will be the first American property in Cabot’s diverse collection of luxury golf and master-planned communities and is expected to open in 2023. Pursuant to the Purchase and Sale Agreement, VICI will convert a portion of the Loan Facility into the ownership of certain Cabot Citrus Farms real estate assets and simultaneously enter into a triple-net lease with Cabot that has an initial term of 25 years, with five 5-year tenant renewal options. This Cabot Citrus Farms transaction marks the first transaction in the broader Cabot-VICI investment partnership.
Key Comments
- Entry into ‘Pilgrimage Experience Sector’—Edward Pitoniak, VICI Chief Executive Officer: “Over the last two years, as we’ve surveyed the global experiential landscape, we’ve become very interested…
