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Blackstone Scores $800M Las Vegas Investment From Realty Income To Boost Citycenter Real Estate
(MENAFN- AsiaNet News)
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.
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