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 in what we, at VICI, call ‘pilgrimage experiences.’ These are recreational, leisure, cultural and other life-enhancing experiences that stand as the pinnacle experiences in their categories. At VICI, we’re determined to become a preferred partner to these place-makers and experience creators. Accordingly, we’re very proud and excited to announce our new partnership with Cabot, one of the world’s leading developers and operators of pilgrimage golf experiences.”
- Future of Cabot Citrus Farms—Ben Cowan-Dewar, Cabot Co-Founder and Chief Executive Officer: “Cabot’s mission is to set the stage for unforgettable experiences in extraordinary places. We are excited about our growth partnership with VICI, who share the same vision and values, centering on great people making great places that endure for generations. Cabot Citrus Farms is an incomparable opportunity to bring to Florida our approach to golf place- and experience-making. Our golf course and resort village design teams are building on all we’ve learned at Cabot Cape Breton, Cabot Saint Lucia and Cabot Revelstoke. We’re thrilled to partner with VICI at Cabot Citrus Farms and, over time, at other great destinations around the world.”
- The Cabot-VICI Investment Partnership—Samantha Sacks Gallagher, VICI Executive Vice President & General Counsel: “Our business model at VICI centers on partnering with the world’s best experience creators to own the world’s best experiential assets. In partnering with Cabot on Cabot Citrus Farms, we are entering the pilgrimage golf space with the best possible partner and in a market with strong demographic drivers. We intend for Cabot Citrus Farms to be the first of many real estate investment opportunities that we will undertake with Cabot in the years ahead, domestically and internationally, through the Cabot-VICI preferred partnership as Cabot creates what we believe will be the world’s leading network of pilgrimage golf destinations.”
