Blackstone Buys Capital Trust Unit

Blackstone Group has agreed to buy the investment unit of real estate finance company Capital Trust Inc., whose chairman is real estate magnate Sam Zell, and to take an 18.2% stake in the company in a deal worth about $30 million, Reuters reported. Blackstone will take over management of CT Investment Management Co. LLC, as well as Capital Trust's co-investment in the fund, for $20 million. It also will spend about another $10 million for the equity stake in the company, which Blackstone will manage.

DealsNorth AmericaUSBriefs