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BlackRock to act as sub-adviser to Starwood Real Estate Income external adviser

BlackRock Financial Management Inc. agreed to serve as a sub-adviser to Starwood Real Estate Income Trust Inc.'s external adviser.

Under the terms of a Sept. 7 agreement, BlackRock also agreed to serve as the investment manager of the diversified real estate investment trust's portfolio of real estate-related securities and other investments that provide liquidity for the company's share buyback plan, cash management and other purposes. The portfolio may consist of as much as 20% of Starwood's assets.

The terms of the agreement also state that Starwood REIT Advisors LLC will be entirely responsible for paying BlackRock fee for its services.