The transaction for the three properties includes a binding partnership on future Cordish casino developments. Consideration for the three-property real estate transactions will comprise a mix of qualified debt assumption (to be satisfied by GLPI), cash and $323 million of newly issued operating partnership units. The total price was approximately $1.8 billion, including applicable long-term ground leases. The leases will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. Under terms of the agreement, Cordish will immediately lease back all the properties and continue to own, control and manage all the gaming operations of the facilities. The properties include Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh. (NASDAQ: GLPI) for three of Cordish’s East Coast casinos. The Cordish Cos., a privately held retail entertainment and hospitality owner and operator based in Baltimore, has reached a sale-leaseback agreement with Gaming and Leisure Properties Inc. PHILADELPHIA, PITTSBURGH AND HANOVER, MD.
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