Capital Trust Will Pay Special $2 Dividend
Capital Trust, Inc. (NYSE: CT) ("Capital Trust") today announced a definitive agreement under which an affiliate of Blackstone (NYSE: BX) will acquire its investment management business, operated through its subsidiary, CT Investment Management Co., LLC ("CTIMCO"). Under the terms of the agreement, Blackstone will acquire CTIMCO and its fund co-investments for $20 million. Blackstone will also manage Capital Trust and purchase an 18.2% equity stake in the company. Following the closing, CTIMCO will be integrated into Blackstone's Real Estate Debt Strategies ("BREDS") business.
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