LAS VEGAS, March 18, 2016 /PRNewswire/ -- CityCenter
Holdings, LLC ("CityCenter"), a venture between MGM Resorts
International (NYSE: MGM) and Infinity World Development Corp,
today announced that it has entered into a definitive
agreement with a venture led by Invesco Real Estate (NYSE: IVZ) and
Simon Property Group (NYSE: SPG) to acquire The Shops at Crystals
for a purchase price of approximately $1.1
billion.
Located at the entryway of CityCenter and in the heart of the
Las Vegas Strip, the stunning retail asset boasts over 324,000
square feet of luxury shopping space. The transaction is expected
to close in the second quarter of 2016, subject to customary
closing conditions.
"This transaction demonstrates the strength in Las Vegas as a premier destination for
visitors around the world. A staple of CityCenter and ideally
located on the Las Vegas Strip, The Shops at Crystals provides the
preeminent luxury retail experience," said Jim Murren, Chairman and Chief Executive Officer
of MGM Resorts International. "We believe that Invesco Real Estate
and Simon Property Group are the ideal stewards to maintain the
high quality of the asset and usher in a new era of success."
Added David Simon, Chairman and
Chief Executive Officer of Simon Property Group, "The acquisition
of The Shops at Crystals provides us with an extraordinary
opportunity to obtain a high-quality asset in a growing
marketplace. We look forward to perpetuating and building upon the
successful foundation that CityCenter has created to further
distinguish The Shops at Crystals as a leading retail
destination."
The Shops at Crystals is anchored by 10 luxury flagship stores,
including Louis Vuitton, Gucci,
Dolce & Gabbana, Tom Ford,
Prada, Fendi and Tiffany & Co., as well as 30 unique-to-market
luxury retailers including Celine, Saint Laurent and Richard Mille.
Since opening in late 2009, The Shops at Crystals has been
recognized for its architectural sophistication, with its exterior
designed by Daniel Libeskind and its
interior designed by David Rockwell.
The asset features a dedicated tram station, connecting to the
Bellagio Resort & Casino and Monte Carlo Resort & Casino
and is in close proximity to several luxury resorts totalling
approximately 16,000 rooms. It is also the most pedestrian
accessible and centrally located retail property on the Las Vegas
Strip.
CityCenter was represented by Jones Lang
LaSalle ("JLL"), who brokered the sale.
"Las Vegas has experienced
significant economic growth over the past few years, with a record
number of visitors in 2015 and an increasing international
clientele," said Michael Zietsman,
Director at JLL. "Visitors now spend more than half their travel
budget on non-gaming expenditures. A sale like this has never made
more sense."
About CityCenter
CityCenter, which is 50% owned by a wholly owned subsidiary of MGM
Resorts International and 50% owned by Infinity World Development
Corp (a wholly owned subsidiary of Dubai World), is an urban
mixed-use development on the Las Vegas Strip that includes ARIA
Resort & Casino, a 4,004-room casino resort; Mandarin Oriental
Las Vegas, a 392-room non-gaming boutique hotel with 225 luxury
condominium residences; Crystals, a retail and entertainment
district consisting of approximately 355,000 square feet of
leasable retail space; Vdara Hotel and Spa, a 1,495-room luxury
hotel-condominium; and the Veer Towers, which contain 669 luxury
condominium residences. CityCenter opened in December
2009.
About Invesco
Invesco Real Estate is a global leader in the real estate
investment management business with over $64.0 billion under management, 434 employees and
21 regional offices across Asia,
Europe and the US. It was
established in 1983 and has been actively investing in core,
value-add and opportunistic real estate strategies since
1992. Invesco Real Estate is an investment center of Invesco
Advisers, Inc., which is an indirect, wholly owned subsidiary of
Invesco Ltd., one of the largest investment management firms in the
world with $775.6 billion in assets
under management and on-the-ground presence in 25 cities worldwide.
Information as of December 31,
2015.
About Simon
Simon is a global leader in retail real estate ownership,
management and development and a S&P100 company (Simon Property
Group, NYSE: SPG). Our industry-leading retail properties and
investments across North America,
Europe and Asia provide shopping experiences for millions
of consumers every day and generate billions in annual retail
sales. For more information, visit simon.com.
Statements in this release that are not historical facts are
forward-looking statements involving risks and/or
uncertainties. Forward-looking statements are based on
management's current expectations and assumptions and not on
historical facts. Examples of these statements include, but are not
limited to, statements regarding expectations to close the
transaction. Among the important factors that could cause actual
results to differ materially from those indicated in such
forward-looking statements include effects of economic conditions
and market conditions in the markets in which the companies and
competition with other destination travel locations throughout
the United States and the world,
the design, timing and costs of expansion projects, risks relating
to international operations, permits, licenses, financings,
approvals and other contingencies in connection with growth in new
or existing jurisdictions.
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SOURCE MGM Resorts International; Simon Property Group