Realty Income agrees $800m CityCenter investment with Blackstone

Realty Income and Blackstone agreed that Realty Income will invest $800 million in the real estate of CityCenter on the Las Vegas Strip. The preferred equity deal is expected to close on 9 December and carries an initial unlevered return rate of 7.4%, Realty Income said. Blackstone will retain all common equity ownership, and MGM Resorts International will continue operating the property.