New York City — VICI Properties Inc. has acquired 38 bowling entertainment centers from Bowlero Corp. in a sale-leaseback transaction for a total $432.9 million. Bowlero will now occupy the properties, which are located in 17 states, on a triple-net-lease basis. Initial annual rent for the lease will total $31.6 million. The deal also included an eight-year right of first offer term for VICI to purchase Bowlero real estate. J.P. Morgan acted as financial advisor to VICI in the transaction, and Hogan Lovells US LLP and Kramer Levin Naftalis & Frankel LLP provided legal counsel.
VICI Acquires 38 Bowling Entertainment Centers for $432.9 Million