04:46 PM EDT, 07/16/2025 (MT Newswires) -- Starwood Property Trust ( STWD ) said Wednesday it has entered an agreement to buy Fundamental Income Properties, currently owned by Brookfield Asset Management, for about $2.2 billion.

The acquired portfolio includes 467 properties spanning 12 million square feet, across 44 states.

The assets reflect robust credit quality with a weighted average lease term of 17 years and average annual rent increases of 2.2%, the company said.

Starwood Property ( STWD ) will take on Fundamental's existing financial facilities amounting to $1.3 billion, including $0.9 billion of asset-backed security debt, the real estate finance firm said.

The deal is expected to close on or around July 23, it added.