Realty Income to invest $800m in Blackstone-backed CityCenter.

Realty Income, a real estate investment trust, agreed to invest $800m in Blackstone-backed CityCenter. "We are pleased to build on our strategic relationship with Blackstone Real Estate to invest in one of the Las Vegas Strip's iconic properties. This represents an immediately accretive investment for Realty Income with a favorable initial yield and IRR profile, further demonstrating the value of our size, scale, and diversification. This transaction adds to an active fourth quarter investment pipeline, which is fully funded from an equity standpoint from a combination of cash, anticipated free cash flow and equity, of which Realty Income had approximately $417m of outstanding cash as of the end of the third quarter and approximately $1.3bn of unsettled forward equity as of today," Sumit Roy, Realty Income President and Chief Executive Officer.