Financing ·
Venu Holding sells McKinney land for $60M in sale-leaseback to STORE Capital
VENUVenu Holding Corp
Venu Holding Corporation sold approximately 46 acres of land in McKinney, Texas, for $60 million to STORE Capital Acquisitions, LLC, and immediately leased it back under a 99-year ground lease with an initial annual base rent of $5.7 million. The transaction allows the company to retain ownership of the vertical improvements for its open-air amphitheater project while unlocking capital. Proceeds from the sale were used to pay off a $20 million promissory note held by Ryan, LLC in full. Additionally, Venu closed a separate sale-leaseback for land underlying its Centennial, Colorado venue for $7.5 million with a 25-year lease at $600,000 annual rent. The company operates entertainment venues and amphitheaters.