Realty Income is investing about $950 million in Bellagio Las Vegas.
Realty Income has signed an agreement with investment firm Blackstone to invest about $950 million in the Bellagio resort in Las Vegas, valuing the assets at $5.1 billion, the companies said Friday.
Realty Income will acquire common and preferred stock from Blackstone Real Estate Income Trust (BREIT) in a new joint venture that owns a 95% interest in the Bellagio property.
Blackstone to acquire Bellagio from MGM Resorts for $4.25 billion in 2019.
According to the deal, Realty Income will invest approximately $300 million in total joint venture equity, subject to certain adjustments, to acquire an indirect interest in the property of approximately 22%.
Realty Income will also invest $650 million to purchase income-producing preferred stock in the joint venture.
The deal is expected to close in the fourth quarter of the year.
The Wall Street Journal first reported on this development on Friday.
26 October
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