Paul Hastings Represents Capital Trust, Inc. in Connection with Agreement to Sell Investment Management Platform to Blackstone
New York, NY (September 27, 2012) - Paul Hastings LLP, a leading global law firm, announced today that the firm represented Capital Trust, Inc. (NYSE: CT), a real estate finance and investment management company, in connection with its agreement to sell its investment management and special servicing business to an affiliate of Blackstone (NYSE: BX) for $20 million, and the Blackstone affiliates agreement to purchase $10 million of Capital Trust, Inc's common stock, representing an 18.2% stake in Capital Trust, Inc.
Under the terms of the agreement, Blackstones affiliate will acquire CT Investment Management Co., LLC (CTIMCO) and its related fund co-investments and another Blackstone affiliate will serve as Capital Trust, Inc's external manager.
Following the closing of the transaction, CTIMCO will be integrated into Blackstones Real Estate Debt Strategies business. In addition, Capital Trust, Inc. will declare a $2.00 per share special dividend in cash, which will be payable as soon as practicable following the closing of the transaction.
Securities & Capital Markets practice chair and partner
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