Goodwin represented EPR Properties (NYSE:EPR) in its announced definitive purchase and sale agreement with CNL Lifestyle Properties, Inc. and funds affiliated with Och-Ziff Real Estate (OZRE). Under the agreement, EPR will acquire Northstar California Ski Resort and a portfolio of amusement parks, waterparks and family entertainment centers for an aggregate consideration valued at approximately $456 million. Additionally, EPR has agreed to provide approximately $244 million of five-year secured debt financing to OZRE for the purchase of 14 CNL Lifestyle ski properties valued at approximately $374 million. EPR’s aggregate investment in this transaction is projected to be valued at approximately $700 million and is expected to be funded with approximately $647 million of the EPR’s common shares and $53 million of cash before pro-rations, transaction costs and closing adjustments, a portion of which will be included in the secured debt financing to OZRE.
EPR Properties is a specialty real estate investment trust (REIT) that invests in properties in select market segments which require unique industry knowledge, while offering the potential for stable and attractive returns. EPR’s total investments exceed $5 billion and the primary investment segments are entertainment, recreation and education.
The Goodwin team advising EPR included partners John Haggerty, Sam Richardson, Ed Glazer and David Patton; counsel Audrey Leigh; associates Erin Claywell, Bridgette Pighin and senior paralegal Rebecca Kohler.
For more information on the transaction, please view the press release.