Blackstone Sells Perpetual Preferred Equity in CityCenter to Realty Income, Retains Common Equity Ownership.

Blackstone has sold a perpetual preferred equity investment in CityCenter to Realty Income for $800 million, retaining full control of the common equity. The deal ties Realty Income to marquee assets like the Aria Resort & Casino and Vdara Hotel & Spa, operated by MGM Resorts International. Blackstone has been a heavyweight in the Las Vegas market, following earlier bets on the Bellagio and the Cosmopolitan, and a $3.89 billion acquisition of Aria and Vdara's real estate in 2021. Realty Income will receive initial annual returns of 7.4%, stepping higher after five years.