Blackstone Announces Investment by Realty Income in The Bellagio Las Vegas
08.25.23
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Simpson Thacher is representing Blackstone Real Estate Income Trust (“BREIT”) in connection with the acquisition by Realty Income Corporation (“Realty Income”) of common and preferred equity interests in a joint venture that owns a 95% interest in the real estate assets of The Bellagio Las Vegas. Upon closing, Realty Income will invest approximately $300 million of common equity in the joint venture, subject to certain adjustments, to acquire a 21.9% indirect interest in the property, BREIT will retain a 73.1% indirect interest, and MGM Resorts International will retain 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.
The Firm previously represented BREIT in connection with its acquisition of the real estate assets of The Bellagio Las Vegas in 2019.
The Simpson Thacher team includes Erik Quarfordt, Anthony King, Sam Rudik, Emily Rosenthal and Roman Hofmann (Real Estate); and Nancy Mehlman and Ed Grais (Tax).