Blackstone Inc will sell its 49.9% stake in the joint venture that owns the MGM Grand Las Vegas and Mandalay Bay resorts to co-owner VICI Properties Inc for about $1.27 billion in cash, the companies said on Thursday.
The New York-based private equity firm is paring some real-estate investments as interest rates climb and turmoil brews in the housing market. The company was set to sell a $400 million stake in Indian REIT Embassy, Reuters has reported.
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