GE Capital Real Estate Closes About $10 Bln In Transactions Towards Exit

(RTTNews) - General Electric Co (GE) on Wednesday said its GE Capital Real Estate business has now completed transactions totaling $9.5 billion with Blackstone (BX), Wells Fargo (WFC), Shinsei Bank Limited and other buyers for portfolios in Canada, Japan, Germany, U.K. and the U.S.

As announced in April, $22.5 billion of GE's real estate debt and equity assets will be sold to Blackstone and Wells Fargo, and in May, Shinsei Bank announced it acquired from GE a $0.5 billion portfolio of assets in Japan.

GE has pending transactions with other buyers for an additional $3.5 billion of debt and equity assets located primarily in France, Germany, Italy, Japan Spain, the U.K. and the U.S. Most of these transactions are expected to close in the second and third quarter.