VICI Properties recently announced their acquisition of the leasehold interest for Chelsea Piers, as well as agreements with Cabot for loans in Saint Lucia and Scotland. This investment totals nearly $550 million at an impressive 8% yield.
This move marks VICI’s first transition from loan investments to real estate ownership. The property acquired includes 780,000 square feet of sports facilities and event spaces, making it a valuable addition to their portfolio.
In addition to the Chelsea Piers deal, VICI has also expanded its partnerships with two renowned experiential place makers and operators – Cabot Saint Lucia and Cabot Highlands in Scotland. These projects include a golf resort and redevelopment plan featuring golf courses and amenities respectively.
According to Edward Pitoniak, CEO of VICI Properties: “We are honored to expand our partnerships with these world-class operators who have a proven track record in creating unforgettable experiences for their customers.” He further expressed confidence in the long-term success of these ventures by committing nearly $550 million towards them.
This significant investment by VICI showcases their belief in the ability of both Chelsea Piers and Cabot properties to attract loyal customers through exceptional experiences.
