Churchill Downs Incorporated has signed an agreement to sell 115.7 acres of land near Calder Casino for $291 million or approximately $2.5 million per acre. CDI has agreed to sell the land to Link Logistics, one of the premier owners of logistics real estate assets, established in 2019 by Blackstone.
The closing of the sale of the property is subject to the satisfaction of various closing conditions. The Company anticipates closing the sale of the property in the first half of 2022.
Following the closing of this transaction, CDI will retain ownership of approximately 54 acres of the current 170-acre parcel of land on which the Company's wholly-owned Calder Casino sits.
Calder opened May 6, 1971. Owned by Churchill Downs, Inc., it leased its horse racing operations to The Stronach Group and was rebranded as Gulfstream Park West from 2014 through 2020. The South Florida racetrack was closed last fall.
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