Gaming and Leisure Properties Inc. offered to buy Pinnacle Entertainment Inc.’s real estate assets in a deal valued at $4.1 billion including debt.

The offer is in line with Pinnacle’s plan announced in November that it will separate its operating business and real estate assets, Wyomissing, Pennsylvania-based GLPI said in a statement Monday.

Pinnacle owns and operates 15 gambling properties in Colorado, Indiana, Iowa, Louisiana and Mississippi, among other states. The casino operator is splitting in two following a similar move by Penn National Gaming Inc. in 2013. Other companies have also pursued the strategy, including CBS Corp., owner of the most-watched television network, which last year spun off its billboard business into a publicly traded real estate investment trust that it’s used to pursue a least one acquisition.