GE Commercial Finance today announced that it will acquire a property finance portfolio consisting of Australian and New Zealand loans from AMP. The total value of the portfolio is A$1.3 billion, with the deal expected to close by the end of the second quarter of 2003.
GE currently invests in commercial real estate and provides property finance products through GE Real Estate, a business unit of GE Commercial Finance and one of the industry’s leading resources for commercial real estate capital.
GE Commercial Finance President and CEO, Australia and New Zealand, Mr Steven Sargent, said: ‘This strategic acquisition strengthens our business in Australia and New Zealand and broadens our product range for our customers. It is an excellent addition to our specialist finance businesses in Australia.’
‘We are excited about the acquisition of this loan portfolio. Expanding our business and service offerings in Australia and New Zealand is an important component of our growth strategy in the Asia Pacific Region,’ added Richard Laxer, GE Real Estate President, Asia Pacific.
‘The combination of the capabilities of GE Commercial Finance and AMP will result in a broader product offering for customers and a continuation of the highest level of service. AMP’s customers can be assured that they are partnering with the world’s leading commercial finance company. As part of General Electric Company, we have the backing of a AAA credit rating’ continued Mr Sargent.
In Australia and New Zealand, GE Commercial Finance provides an array of specialist finance products to over 150,000 customers. These include equipment finance, distributor and dealer finance, business lending, asset valuations and trading, structured finance and commercial property finance.
FURTHER INFORMATION:
Ben Jarvis – Financial & Corporate Relations
Ph: (61 2) 9235 1666 / 0413 150 448
