New Delhi, July 7 -- BlackRock Inc has announced its agreement to acquire ElmTree Funds, a real estate firm which leases custom-built commercial properties to single-tenant renters.

The acquisition will add an investor with $7.3 billion in total assets under management to BlackRock's portfolio.

ElmTree will be integrated into Private Financing Solutions, BlackRock's newly established platform created through the firm's $12 billion purchase of HPS Investment Partners last year, Bloomberg reported.

The payment for ElmTree will primarily be settled in stock, with the potential for additional consideration based on ElmTree's performance over the next five years.

While the purchase price and other financial details aren't yet disclosed, th...