Gaming and Leisure Properties (GLPI) announced that it intends to acquire the real estate assets of Sunland Park Racetrack & Casino. GLPI will acquire the real estate assets of Sunland Park for $183.75 million, at an initial 8.2% cap rate. With the inclusion into the Strategic Gaming Leases, annual rent on the lease will escalate at 2.0% per annum. Upon closing, the transaction is expected to be immediately accretive to AFFO per share. The transaction represents an expansion of the relationship with Strategic Gaming Management, an acquisitive operator of domestic casino assets. The acquisition will add a fourth asset to Strategic Gaming’s existing triple-net master lease agreement with GLPI.
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