Caesars signs agreement to sell LINQ Promenade for $275M

Caesars Entertainment (CZR) announced an agreement to sell the LINQ Promenade to a joint venture to be formed between TPG Real Estate and the Investment Management Platform of Acadia Realty Trust (AKR) for $275M. This sale is subject to customary approvals and other closing conditions and is expected to close during the Q4. “The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. I want to thank all the team members and the tenants of the LINQ Promenade for their partnership over the last 10 years and wish them continued success,” said Tom Reeg, CEO of Caesars Entertainment. Latham & Watkins and Brownstein Hyatt Farber and Schreck, represented Caesars on the transaction. Kirkland & Ellis provided transaction counsel to TPG & Acadia.