YES,
It absolutely does increase estrogen, in 2 ways in fact.
First off some of the testosterone that does not get converted to DHT gets converted to estrogen. Test levels will increase 10-20% on a 5-AR blocker depending on the dose. You can expect a 10-20% increase in estrogen as well.
Secondly, DHT acts like an anti-e agent because it has a high affinity for the aromatase enzyme.
Gyno is a side effect of fin and dut use - look it up. This is due to increased E levels.