Bowlero completes $432.9M sale-leaseback of 38 bowling centers with VICI Properties

Lucky Strike Entertainment Corp

$432.9M transaction transfers land and real estate of 38 centers across 17 states to VICI Properties.
Initial annual rent of $31.6M at 7.3% cap rate; triple-net lease for 25 years with six 5-year renewal options.
Rent escalates at greater of 2% or CPI (capped at 2.5%); lease treated as long-term obligation with no EBITDA impact.
Proceeds to accelerate new builds, acquisitions, shareholder returns, debt paydown, and general corporate purposes.
Bowlero expects to utilize sale-leasebacks to drive growth at efficient cost of capital.

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