Invesco, Simon Add to Trophy Case
- Mar 21, 2016
Las Vegas—Confirming reports that surfaced earlier this month, Invesco Real Estate and Simon Property Group Inc. said Friday that they are buying the Shops at Crystals, a trophy retail property on the Las Vegas Strip.
Invesco and Simon struck a $1.1 billion deal with the property’s owner, a joint venture of MGM Resorts and Infinity World Development Corp. Located in MGM Resorts’ $9 billion CityCenter complex on the Las Vegas Strip, the Shops at Crystals is part of the Aria resort. Although the initial reports several weeks ago correctly identified Simon and the price tag, Invesco is a newly revealed participant.
“The acquisition of The Shops at Crystals provides us with an extraordinary opportunity to obtain a high-quality asset in a growing marketplace,” said David Simon, chairman & CEO of the Indianapolis-based retail REIT.
Scheduled to close during the second quarter, the acquisition will add another plum asset to Simon’s already formidable Vegas portfolio, which that includes The Forum Shops at Caesars Palace, Las Vegas North Premium Outlets and Las Vegas South Premium Outlets.
The property’s co-owner, Infinity World Development Corp., is an affiliate of Dubai World Corp., an investment management entity controlled by the ruler of Dubai. The Shops at Crystals opened in December 2009 and encompasses nearly 60 upscale shops and restaurants in a 500,000-square-foot platform, including more than 324,000 square feet of retail.
Its anchors are 10 high-end flagships that include 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. Among other features, the property offers a dedicated tram linking it to the Bellagio and Monte Carlo resorts.