US-based Fortress Investment Group has announced that some of its fund affiliates have agreed to acquire CWCapital for an undisclosed amount.

Fortress has agreed buy the business, known as CW Financial Services, from its majority shareholder Otera US Holding. The transaction is expected to close in the third quarter of the year, subject to regulatory approval.

CWCapital was founded in 1972 and manages, invests in, originates, and advises on commercial and multi-family real estate debt products.

As of 30 April 2010, CWCapital was the investment manager, servicer or special servicer for a portfolio of $183.6 billion of loans and securities. With over US $160 billion of named special servicing assignments, CWCapital is the second-largest special servicer in the US.