VICI Properties ( VICI) intends to fund the transaction through a combination of cash on hand, proceeds from the settlement of existing outstanding forward equity sale agreements, and assumption of the remaining 49.9% of the existing property-level debt. 'The sale of these assets is an excellent outcome for our BREIT (Blackstone Real Estate Investment Trust) investors and enables us to further concentrate BREIT’s portfolio in its highest growth sectors, including logistics and rental housing,' said Scott Trebilco, senior managing director of Blackstone ( BX) Real Estate.
The sale, expected to close early in Q1, will give Blackstone a profit of more than $700M in less than three years, people familiar with the matter told the newspaper. In reaction to climbing interest rates, Blackstone ( BX) has been exiting some real estate investment that have fixed returns, The Wall Street Journal reported earlier. Blackstone ( NYSE: BX) has agreed to sell its 49.9% interest in the MGM Grand Las Vegas and the Mandalay Bay Resort, a deal valuing the properties at $5.5B, to VICI Properties ( NYSE: VICI), giving VICI full ownership of the properties, the companies confirmed on Thursday.īlackstone ( BX) will get $1.27B in cash and VICI ( VICI) will assume the private equity firm's share of ~$3B in debt.
