VICI Properties Inc. announced the expansion of two experiential relationships with the acquisition of the leasehold interest of Chelsea Piers in New York City (?Chelsea Piers?), as well as an agreement with Cabot for a delayed draw loan facility in Saint Lucia and an agreement in principle to provide a delayed draw loan facility in Scotland, for potential total gross committed capital of nearly $550 million at a blended investment yield of approximately 8%, with $480 million of this capital incremental to the original $70 million loan to Chelsea Piers. The transaction with Chelsea Piers represents VICI?s first conversion of an initial loan investment into real estate ownership, and the agreement with Cabot will expand and internationalize the companies? investment partnership in pilgrimage golf beyond the existing financing agreement for the development of Cabot Citrus Farms in Florida.

Further details are below: Chelsea Piers: ChelseaPiers is the premier sports and entertainment complex in New York City, opened in 1995 and located on 28 acres between 17th and 23rd Streets alongside Manhattan?s Hudson River. Comprised of over 780,000 square feet of real estate, Chelsea Piers is a truly irreplaceable experiential asset with sports facilities, commercial space primarily used for production studios, three flexible and expansive event spaces, a marina and more. The Chelsea Piers triple-net lease agreement will have an initial term of 32 years, with a 10-year extension option that Chelsea Piers is obligated to extend provided all conditions have been met.

In connection with the transaction, VICI?s existing loan facility to Chelsea Piers was repaid in full and terminated. Cabot Saint Lucia: VICI has provided a delayed draw development loan to Cabot Saint Lucia for the development of a luxury golf resort, including a beach restaurant, clubhouse, luxury accommodations, swimming pools, and a health and wellness offering. The 375-acre property located on the Saint Lucian coast features an 18-hole golf course, which opened in December 2023 and was recently featured on the cover of Golf Magazine, debuting immediately in Golf Magazine?s Top 100 Golf Courses in the World.

The resort will feature a collection of residences ranging from townhouses and villas to single-family homes. The delayed draw development loan has a term of 7 years. Cabot Highlands: VICI has agreed in principle to provide a delayed draw development loan for the redevelopment of Cabot Highlands, with a call right agreement to acquire a portion of the real estate assets upon stabilization of the resort, subject to negotiation of definitive documentation and other customary closing conditions.

Cabot Highlands, situated in Inverness beside The Moray Firth in the Scottish Highlands, currently features the World Top 100 18-hole Castle Stuart Golf Links course, and Cabot is currently developing a second course designed by acclaimed golf course architect Tom Doak, with expected completion in 2025. The delayed draw development loan is expected to have a term of 7 years. The cash portions of the transactions were or are expected to be funded with a combination of cash on hand, partial settlement of outstanding forward equity sale agreements, and drawing down funds denominated in British pounds sterling under the Company?s existing revolving credit facility.