Blackstone Real-Estate Unit To Sell Shares

Jan 13 2014 | 10:00am ET

The Blackstone Group hopes to raise as much as $261.5 million for its publicly-listed real-estate finance vehicle tomorrow.

Blackstone Mortgage Trust will offer 8.5 million shares for $227.4 million. The deal's underwriters—Bank of America Merrill Lynch, Citigroup, JPMorgan Chase and Wells Fargo Securities—can sell as many as 1.275 million more, which would bring the total haul to $261.5 million.

BXMT said that the proceeds from the sale would be primarily used to make and buy more commercial mortgage loans.

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