{"id":8602,"date":"2016-03-20T00:32:34","date_gmt":"2016-03-19T17:32:34","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=8602"},"modified":"2016-03-19T22:00:41","modified_gmt":"2016-03-19T15:00:41","slug":"dubai-world-and-mgm-mirage-sells-joint-las-vegas-retail-project","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-world-and-mgm-mirage-sells-joint-las-vegas-retail-project\/","title":{"rendered":"Dubai World and MGM Mirage sells joint Las Vegas retail project"},"content":{"rendered":"


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\nDubai World and MGM Mirage sold their joint retail project in Las Vegas for US$1.1 billion, as the UAE entity continues on its road to recovery from the 2009 financial crisis. Invesco Real Estate and Simon Property Group will take control of CityCenter’s The Shops at Crystals, a 324,000-square-foot luxury shopping centre, with the deal expected to close in the second quarter. “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,” said Jim Murren, chairman and chief executive of MGM Resorts International.
\nThe marriage of Invesco and Simon is a boost for the venture as both have much experience in this sector. Invesco Real Estate is a part of Invesco Group, a global investment firm managing assets worth $737.5bn at the end of February. Simon Property Group brings the mall management side to the table, having owned or at least held an interest in 231 retail real estate properties in North America, Europe and Asia.
\nChairman and chief executive David Simon said the acquisition was a step closer for the group to gain more leverage in the Las Vegas market. “The acquisition of The Shops at Crystals provides us with an extraordinary opportunity to obtain a high-quality asset in a growing marketplace,” he said.Dubai World declined to comment on the transaction. The Shops at Crystals is part of the giant $8.5bn CityCenter project, a 67-acre property with residential, hotel and entertainment offerings, which opened on the Las Vegas Strip in 2009.
\nDubai World and MGM first signed an agreement in 2007 to create CityCenter. At the time, the venture was valued at $5.4bn, with Dubai World contributing about $2.96bn for 50 per cent of the equity, according to a release from MGM.However, the development almost became a casualty of the financial crisis more than seven years ago. In March 2009, Dubai World filed a lawsuit against MGM as an order of protection after the US gaming hotelier admitted in a securities exchange commission filing that it had “substantial doubt” about its ability to continue with the project.
\nDubai World said at the time that essentially it was being asked to pay significantly more while getting less and with only uncertainty from MGM.Later that year units began opening at the shopping centre. Then it was Dubai World’s turn to fight financial woes as it requested a “standstill” on debt payments in late November 2009. The entity reached a deal with creditors to repay some debts ahead of maturity in exchange for delayed repayment terms on other debts.
\nDubai World announced it had come to an agreement to restructure $14.6bn of its debt earlier this year. lgraves@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai World and MGM Mirage sells joint Las Vegas retail project<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai World and MGM Mirage sold their joint retail project in Las Vegas for...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-8602","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2eK","jetpack-related-posts":[{"id":91165,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/invesco-perpetual-and-trust-board-land-blows-in-fees-spat\/","url_meta":{"origin":8602,"position":0},"title":"Invesco Perpetual and trust board land blows in fees spat","date":"June 11, 2018","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...Invesco Perpetual and trust board land blows in fees spat","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57256,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/real-estate-favoured-by-mideast-sovereign-funds-report\/","url_meta":{"origin":8602,"position":1},"title":"Real estate favoured by MidEast sovereign funds \u2013 report","date":"June 7, 2017","format":false,"excerpt":"\r Regional sovereigns allocated biggest chunk of assets towards global real estate in 2016, says Invesco\r \r Source : arabianbusiness.com\r Read more...Real estate favoured by MidEast sovereign funds \u2013 report","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":73071,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-fund-managers-who-burned-bright-but-fell-to-earth\/","url_meta":{"origin":8602,"position":2},"title":"The fund managers who burned bright \u2026 but fell to earth","date":"August 10, 2013","format":false,"excerpt":"\r The success of even the big-name fund managers fluctuates, though some bounce backNeil Woodford is Britain's most lauded fund manager, looking after \u00a325bn in the two funds that are currently most popular with small investors \u2013 Invesco Perpetual Income and High Income.Woodford has a stunning performance record, and the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":46631,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uks-star-fund-manager-aims-to-win-over-the-older-savers-market\/","url_meta":{"origin":8602,"position":3},"title":"UK\u2019s star fund manager aims to win over the older savers market","date":"March 4, 2017","format":false,"excerpt":"\r Neil Woodford\u2019s new fund says it will pay 5% in the first year. We ask top financial advisers if it is a safe bet for your moneyIt says it will pay an initial 5% income, it is looked after by the most successful investment manager of his generation, it\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57112,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/regional-sovereign-wealth-funds-look-to-invest-in-real-estate-for-liquidity\/","url_meta":{"origin":8602,"position":4},"title":"Regional sovereign wealth funds look to invest in real estate for liquidity","date":"June 6, 2017","format":false,"excerpt":"\r Middle Eastern sovereign wealth funds are targeting real estate investments to generate yields in the low interest-rate environment and own a liquid asset as withdrawals continue, according to investment management firm Invesco.More funds were looking at real estate for its yield-generating qualities for two reasons, said Alex Millar, Invesco's\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113609,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mgm-resorts-sells-casino-property-in-2-5bn-deal\/","url_meta":{"origin":8602,"position":5},"title":"MGM Resorts sells casino property in $2.5bn deal","date":"January 14, 2020","format":false,"excerpt":"\r Blackstone doubles down on Las Vegas real estate bet in joint venture\r \r Source : ft.com\r Read more...MGM Resorts sells casino property in .5bn deal","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/8602"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=8602"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/8602\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=8602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=8602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=8602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}