Experiential REIT VICI Enters Golf Space in Deal with Cabot
Experiential REIT VICI Properties Inc. has entered into a delayed draw term loan facility for up to $120 million and a purchase and sale agreement with Cabot, a top developer, owner and operator of 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, FL, 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.
Under 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 five-year tenant renewal options.
This Cabot Citrus Farms transaction marks the first transaction in the broader Cabot-VICI investment partnership.
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