Latham & Watkins Advises Realty Income on US$800 Million Preferred Equity Investment in CityCenter Las Vegas

Latham & Watkins LLP represented Realty Income Corporation (Realty Income, NYSE: O), known as The Monthly Dividend Company®, in the transaction; the principal counterparties were funds affiliated with Blackstone Real Estate, which own the assets, and MGM Resorts International, which will continue to operate the property. Under a definitive agreement, Realty Income will make an US$800 million perpetual preferred equity investment in the real estate of CityCenter Las Vegas, comprised of the ARIA Resort & Casino and Vdara Hotel & Spa. The properties are owned by funds affiliated with Blackstone Real Estate, which will retain 100% of the common equity ownership. MGM Resorts International will continue to operate the assets. This transaction represents Realty Income's second investment with Blackstone Real Estate following the Bellagio Las Vegas joint venture completed in 2023, a deal in which Latham & Watkins also advised Realty Income. Latham & Watkins LLP represented Realty Income Corporation with a team composed by: Orange County partner Darren Guttenberg (corporate and real estate lead); San Diego partner Ann Buckingham (corporate and real estate); Chicago partner Rachel Bates (corporate and real estate); New York partner Betsy Jaffe; San Diego counsel Achraf Farraj; associate Daniel Eyal; Los Angeles partner Ana O’Brien (tax); counsel William Kessler (tax); and Los Angeles partner Ken Askin (debt).

Latham & Watkins Advises Realty Income on US$800 Million Preferred Equity Investment in CityCenter Las Vegas

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