Realty Income Corp. said Friday it will invest $950 million as part of its acquisition of a 22% stake in the Bellagio Las Vegas from Blackstone Inc.’s...
Realty Income Corp. O, -1.31% said Friday it will invest $950 million as part of its acquisition of a 22% stake in the Bellagio Las Vegas from Blackstone Inc.’s BX, -0.68% Blackstone Real Estate Income Trust Inc. unit . Realty Income agreed to invest about $300 million of common equity to acquire a 22% indirect interest in the property.
will continue to hold a 73.1% indirect interest, and MGM Resorts International MGM, -1.60% will keep a 5% interest in the property. Realty Income will also invest $650 million to acquire a yield-bearing preferred equity interest in the joint venture with to own the property. The latest deal values the Bellagio at $5.1 billion, up from $4.25 billion when it bought the property in 2019 from MGM Resorts International MGM, -1.60% in a sale-leaseback deal, according to a Wall Street Journal report. The deal marks a recovery and rebound in the travel business and Las Vegas as a destination in the past three years. Blackstone stock is up 33.5% in 2023, compared to a 14% increase by the S&P 500 SPX, -1.35%.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Joshua Brown presents Pushing Forward RealtyJoshua Brown is the founder of Pushing Forward Realty, a Brooklyn-based real estate company committed to the economic advancement.
Baca lebih lajut »
4 big analyst cuts: Frontline, Digital Realty cut to Hold at Deutsche Bank By Investing.com4 big analyst cuts: Frontline, Digital Realty cut to Hold at Deutsche Bank
Baca lebih lajut »
Georgia Sen. Raphael Warnock used loophole to bypass outside income limit by $125KDemocratic Georgia Sen. Raphael Warnock blew past outside income limits by $125,000, using a loophole on his financial disclosure, according to a report.
Baca lebih lajut »
Biden's student loan repayment plan considers income and family sizeThe Biden administration just rolled out a new loan repayment program for more than 20 million student borrowers.
Baca lebih lajut »
Fairfax County to send $750 a month to 180 low-income familiesThe payments will last for 15 months. People can begin applying on Sept. 23.
Baca lebih lajut »
19 States Cut Income Taxes to Benefit Wealthy — With Help of Dark Money GroupsAccording to the states’ own estimates, the revenue hit could be more than $10 billion in fiscal years 2023 and 2024.
Baca lebih lajut »