Blackstone Scores $800M Las Vegas Investment From Realty Income To Boost CityCenter Real Estate
Synopsis
Realty Income is investing $800 million into Blackstone’s CityCenter real estate, while Blackstone keeps full ownership and MGM continues to run ARIA and Vdara.
Blackstone Real Estate said on Monday that Realty Income will invest $800 million in the real estate behind CityCenter Las Vegas, the home of the ARIA Resort & Casino and Vdara Hotel & Spa. Blackstone’s funds will continue to own the properties, which remain operated by MGM Resorts International.
Under the agreement, Blackstone will retain 100% of the common equity in the property. Realty Income’s preferred investment carries an initial unlevered return of 7.4%, with capped annual escalators beginning in year five.
Get updates to this developing story directly on Stocktwits.<
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.