MGM Growth Properties, BREIT Agree to Form $4.6 Billion Joint Venture

MGM Growth Properties LLC (NYSE: MGP) and Blackstone Real Estate Income Trust, Inc. (BREIT) said Jan. 14 that they have agreed to form a new joint venture to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion.

BREIT, a public non-listed REIT, will purchase $150 million in MGM Growth class A shares. MGM Growth will own 50.1% of the joint venture, and BREIT will own 49.9%.

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