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On Oct. 19, 2023, Kramer Levin client VICI Properties Inc. announced that it acquired the real estate assets of 38 bowling entertainment centers from Bowlero Corp. in a sale-leaseback transaction for an aggregate purchase price of $432.9 million. Bowlero is a global leader in bowling entertainment, media and events and is the largest operator of bowling centers in North America.
Simultaneous with the closing of the transaction, VICI entered into a triple-net master lease agreement with Bowlero. The transaction further enhances VICI’s embedded growth pipeline with a right of first offer for a term of eight years to acquire the real estate of current or future Bowlero properties should Bowlero elect to enter into a sale-leaseback transaction.
Key contacts
James P. Godman
Partner, New York
Tzvi Rokeach
Partner, New York
Seth R. Niedermayer
Partner, New York
Todd E. Lenson
Partner, Head of Equity Capital Markets and Public Companies, US, New York
Jordan M. Rosenbaum
Partner, Head of Equity Capital Markets and Public Companies, US, New York
M. Mendel Trapedo
Counsel, New York
Sammi R. Bershad
Associate, New York
Sean J. Cassidy
Senior Associate, New York