BREIT completes Bellagio real estate assets acquisition

Blackstone Real Estate Income has closed its previously announced acquisition of the real estate assets of the Bellagio from MGM Resorts for $4.25 billion in a sale-leaseback transaction. As part of the deal, MGM Resorts has leased the property from the joint venture and will continue to manage, operate and be responsible for all aspects of the property on a day-to-day basis. The acquisition was made as part of a joint venture led by BREIT, in which the company had 95 percent stake while MGM Resorts had a 5 percent stake.

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