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lackRock is expanding its asset management business with a major acquisition. The firm has agreed to buy ElmTree Funds, a real estate investment company specializing in single-tenant commercial properties worth $7.3 billion. According to an announcement, the deal will be primarily paid for in stock, with potential additional consideration tied to ElmTree's performance over five years.

    ElmTree owns 122 properties across 31 US states and will integrate into BlackRock's Private Financing Solutions (PFS) platform after the acquisition closes in Q3. PFS was established last year through BlackRock's $12 billion purchase of credit firm HPS Investment Partners, which offers a range of financing solutions.

    The combination of ElmTree's expertise with PFS's capabilities is expected to drive growth and deliver differentiated investment solutions for clients. ElmTree CEO James Koman will continue to lead the company's investment strategies as part of the deal.

    BlackRock's acquisition spree continues, following last year's purchases of HPS and Global Infrastructure Partners. The firm has also expanded its New York City headquarters at Related Companies' 50 Hudson Yards by over 50,000 square feet.