BlackRock to Buy Real Estate Firm With $7.3 Billion in Assets

BlackRock Inc. agreed to buy real estate firm ElmTree Funds, which leases built-to-suit commercial properties to single-tenant renters, adding an investor with $7.3 billion in total assets under management.

ElmTree will be integrated into Private Financing Solutions, the new platform created through BlackRock’s $12 billion purchase of credit firm HPS Investment Partners last year. Payment for ElmTree will be primarily in stock, with the potential for additional consideration based on ElmTree’s performance over the next five years, BlackRock said in a statement Monday. The purchase price and other financial details weren’t disclosed.

Read More: BlackRock Buys Credit Firm HPS ...