VICI Properties has bought non-US real estate properties for the first time, completing the acquisition and leaseback of four properties from PURE Canadian Gaming Corp. 

The specialised casino real estate landlord has purchased PURE Casino Edmonton in Edmonton, PURE Casino Yellowhead in Edmonton, PURE Casino Calgary in Calgary, and PURE Casino Lethbridge in Lethbridge for a fee of $271.9m.

Meanwhile, VICI Properties disclosed that it has entered into a triple net lease agreement with PURE for the four properties. 

The total lease has an initial total annual rent of approximately $21.8m, representing an implied acquisition capitalization rate of 8%, and an initial term of 25 years, with four five-year tenant renewal options.

PURE Casino Yellowhead, opened in 2000, is the largest of the portfolio at 75,000 square feet with three food and beverage options as well as 753 slot machines, 26 VLTs, 24 table games and 15 poker tables.

Opened in 1986, PURE Casino Edmonton is a 72,000-square-foot venue and features 852 slots, 28 VLTs, 27 tables games and 16 poker tables, in addition to featuring three food and beverage outlets. 

The PURE Casino Calgary venue is a 57,000-square-foot complex with 832 slots, 22 VLTs, 27 table games and 12 poker tables as well as one food and beverage outlet.

Finally, the smallest venue is the Lethbridge resort, coming in at 43,450 square feet. Opened in 1988, the resort offers 427 slots, 28 VLTs, 11 table games, 13 poker tables and two food and beverage options.

John Payne, President and Chief Operating Officer of VICI Properties, said: “Over the last five and a half years, VICI has built a portfolio of market-leading experiential real estate. Today’s announcement marks another momentous first for VICI as we expand our footprint internationally into Canada with the acquisition of the PURE Portfolio. 

“This transaction highlights our ability to source, structure, and fund cross-border transactions, widening our opportunity set as we continue along our growth trajectory. We are pleased to add PURE as our eleventh tenant and look forward to a mutually beneficial partnership.”