Annaly Capital Management (NLY) reached an agreement with CreXus Investment Corp (CXS) to acquire all the shares of CreXus that Annaly does not currently own.

Annaly raised its offer to $13 per share, or $872 million, as the company looks to invest in commercial real estate assets.

"We believe that wholly owning the commercial real estate platform we currently manage through FIDAC is complementary to our existing business and return profile and should provide stable and diversified risk-adjusted returns to our shareholders," said Chief Executive Officer Wellington Denahan at Annaly.

He added, "Our commercial real estate expertise, as well as our capabilities in other asset classes, are valuable strategic tools, and we look forward to updating the market on our portfolio as it evolves."