Blackstone Adds Capital Trust Asset Manager

Oct 2 2012 | 1:45pm ET

Alternative investments giant Blackstone Group has struck a deal for real-estate finance company Capital Trust's investment-management unit.

Under the deal, Blackstone Real Estate Debt Strategies acquires CT Investment Management for $20 million, taking over the management of its funds. Blackstone will also pay $10 million to buy an 18.2% stake in CTIM's soon-to-be-former parent company, Capital Trust.

As part of the CTIM purchase, Blackrock will also buy out Capital Trust's co-investment with CTIM.

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