Norwalk, CT, March 19, 2008 – GE Real Estate, a leading global commercial real estate investment business, announced today that Joe Parsons has been named President and CEO of its newly formed Global Investment Management division.
In his new position, Parsons will provide the strategy to lead all of GE Real Estate’s global Investment Management activities and to leverage its equity investing expertise to deliver returns that meet or exceed the expectations of global investors. GE Real Estate generated $18 billion in investment programs for GE in 2007.
Parsons most recently was President of GE Real Estate’s North America Equity divison, where he led a group of rapidly evolving real estate businesses stretching throughout the U.S. and Mexico. Since arriving at GE Real Estate in 2002, he has transformed a $2.4 billion US portfolio into a diversified North America Equity investment portfolio of approximately $15 billion, with more than $25 billion in real estate assets under management. Under his leadership, GE Real Estate made one of its largest and most significant acquisitions ever — the $4.8 billion purchase in 2005 of Arden Realty.
Throughout his career, Parsons has demonstrated the ability to recognize and unlock value in a changing marketplace while building a balanced business with consistent earnings growth. Before taking the helm at North America Equity, he was president and CEO of GE Equity, where he managed a $5 billion portfolio.
“Joe has made invaluable contributions to GE’s success throughout his notable career,” said Ron Pressman, President and CEO of GE Real Estate. "His wealth of expertise in equity investments as CEO of GE Equity and his broad-based experience across our company will enhance our great global equity originating and asset management teams.”
“We will continue to rely on our regional capabilities to fuel and service new investment management platforms, achieve our strategic goals and deliver results for both GE and a growing portfolio of global investors,” added Pressman.
GE Contact:
(Press inquiries only)
John Oliver
Office: 203/750-3089
Cell Phone: 203/984-7757
john.oliver@ge.com
For other inquiries please call 1-888-GE-First extension 333
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Richard Ringer
312/649-0371
rringer@hlbcomm.com
Notes to editors:
About GE Real Estate
GE Real Estate (
www.gerealestate.com) is one of the world's premier commercial real estate companies with more than US$79 billion in assets and a presence in 32 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 28% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (
www.gecommercialfinance.com) offers businesses around the globe an extensive array of financial products and services. With more than US$310 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of GE (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
