BlackRock has acquired ElmTree Funds, a net-lease real estate investment firm with $7.3 billion in total assets under management as of March 31, 2025. Up-front consideration will be paid primarily in stock, with the potential for additional consideration contingent upon ElmTree’s performance over the next five years. Additional financial details were not disclosed.
Founded in 2011, ElmTree is a recognized leader in the commercial net-lease sector, focusing on single-tenant, build-to-suit real estate assets that are mission critical to corporate tenants’ core operations and growth. ElmTree is a best-in-class owner-operator, with significant corporate and developer relationships and a broad geographic footprint, including six office locations and investments in 122 properties across 31 U.S. states.
Upon closing, ElmTree will be integrated into Private Financing Solutions (PFS), the new platform created through BlackRock’s combination with HPS Investment Partners, a
