CityCenter To Sell The Shops At Crystals For About $1.1 Bln - Quick Facts

(RTTNews) - CityCenter Holdings, LLC, a venture between MGM Resorts International (MGM) and Infinity World Development Corp, said it has agreed to sell The Shops at Crystals in Las Vegas to a venture led by Invesco Real Estate (IVZ) and Simon Property Group Inc. (SPG) for about $1.1 billion.

Located at the entryway of CityCenter and in the heart of the Las Vegas Strip, the retail asset boasts over 324,000 square feet of luxury shopping space. The transaction is expected to close in the second quarter of 2016.

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.

Opened in late 2009, The Shops at Crystals 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.