August 30, 2023
Realty Income to invest about $950 million in Bellagio Las Vegas
Realty Income (O.N) signed an agreement with Blackstone's real estate investing firm to invest about $950 million in the Bellagio Las Vegas resort, valuing the assets at $5.1 billion, the companies said on Friday...

Realty Income to invest about $950 million in Bellagio Las Vegas

August 25, 2023 | Reuters

Realty Income (O.N) signed an agreement with Blackstone’s real estate investing firm to invest about $950 million in the Bellagio Las Vegas resort, valuing the assets at $5.1 billion, the companies said on Friday.

Realty Income would acquire common and preferred equity interests from Blackstone Real Estate Income Trust (BREIT) in a new joint venture that owns a 95% interest in the real estate assets of Bellagio.

Blackstone had bought Bellagio from MGM Resorts (MGM.N) for $4.25 billion in 2019.

According to the companies, Realty Income would invest about $300 million of common equity in the joint venture, subject to certain adjustments, to acquire a near-22% indirect interest in the property.

Realty Income would also invest $650 million to buy a yield-bearing preferred equity interest in the joint venture.

The transaction is expected to close in the fourth quarter of the year.

 

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