The Real Estate Industry team advised Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) on its definitive agreements to acquire the real property assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, including applicable long-term ground leases, from affiliates of The Cordish Companies. The initial transaction has an aggregate consideration of approximately $1.81 billion, payable in a combination of cash, OP units and assumption of debt.
Simultaneous with the closing of these transactions, GLPI will enter into a new triple-net master lease with Cordish for Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, as well a single asset lease for Live! Casino & Hotel Maryland. The master lease and single asset lease will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options.
In addition to the real estate transactions, GLPI and Cordish agreed to collaborate on future Cordish casino developments, as well as potential financing partnerships in other areas of Cordish's portfolio of real estate and operating businesses.
GLPI is a real estate investment trust focused on acquiring real property assets leased to gaming operators.
Cordish is a multi-generational, family-owned developer of large-scale urban revitalization projects and entertainment districts.
The Goodwin team was led by Ben Hittman, Brian Beaulieu, and Brenn Coyle (Real Estate Industry); Erin Claywell and Stephanie Toribio (Leasing); Yoel Kranz (REITS and Real Estate M&A); Ed Glazer, Sonita Bennitt, and Benjamin Gossels (Tax); and James Barri, Elena Hera, Matt Schoenfeld, and Patrick Wilson (REIT Capital Markets).
For more details on the partnership, acquisitions, and leases, read the press release.