Stamford, CT March 27, 2006 – GE Real Estate and United Trust Fund Limited Partnership today announced a strategic joint venture to acquire single tenant net lease facilities nationwide, and the closing of their first acquisition. The venture was formed by Business Property, a division of GE Real Estate, and is part of Business Property's growth strategy for its equity and sale-leaseback platform. GE Real Estate and United Trust Fund are actively seeking additional investment opportunities throughout the US and Canada.
Business Property provides financing and equity investments for single tenant and owner-occupied commercial real estate in the United States and Canada. United Trust Fund is a Miami, FL-based real estate investment firm specializing in sale-leasebacks, corporate build-to-suit development and the purchase of net leased corporate real estate assets throughout the U.S.
The partnership's first deal, valued in excess of $50 million, is a sale-leaseback of the corporate headquarters offices of Belk Department Stores located in Charlotte, NC. Belk is the largest private department store company in the U.S. A 15-year lease was established with Belk on an absolute triple net basis.
"We've identified a growing need for long-term financing and sale-leaseback transactions of single tenant business properties," said Bruce Nelson, President and CEO, GE Real Estate Business Property. "We've always been impressed with United Trust Fund's market reach and professionalism in handling sale-leaseback transactions. There's synergy in launching a joint venture that combines two companies with transaction expertise and a focus on customer centricity."
"This deal was closed two weeks from the time the purchase contract was signed. Over the past 13 years, we've witnessed GE's speed of execution in providing debt financing to us and their participation with us in several other equity transactions," said Fred Berliner, Senior Vice President and Director of Acquisitions, United Trust Fund. "Formalizing our relationship will allow us to combine expertise, capital, and aggressive growth plans to pursue choice opportunities."
UTF Contact:Fred Berliner
305/358-7711
fred@utf.com
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
HLB Communications, Inc.
Richard Ringer
312/649-0371
rringer@hlbcomm.com
Notes to editors:
About GE Real Estate
GE Commercial Finance, Business Property is a leading provider of single tenant/owner-occupied commercial real estate financing in the United States. With assets of more than $13B, the business serves commercial real estate owners, investors, developers, and brokers. Business Property offers conventional debt and SBA loans, as well as flexible, structured products tailored to meet the capital needs of small to middle market businesses in diverse industries. More information is available at www.gebusinessproperty.com or by calling toll-free 888-335-4372.
GE Real Estate (
www.gerealestate.com) is one of the world's leading resources for commercial real estate capital. Headquartered in Stamford, Connecticut, the business has assets over $28 billion and more than 30 offices throughout North America, Europe and Asia/Pacific.
GE Commercial Finance (
www.gecommercialfinance.com) offers businesses of all sizes an array of financial services and products worldwide. With over $230 billion in assets and an expertise in the mid-market segment, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. A wholly owned subsidiary of the General Electric Company, GE Commercial Finance is headquartered in Stamford, Connecticut, USA.
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's web site at http://www.ge.com.
About United Trust Fund Limited Partnership
United Trust Fund is one of the nation's leading real estate investment firms specializing in net leased corporate real estate and sale-leasebacks. United Trust Fund purchases corporate office, free-standing retail stores, industrial and special purpose corporate properties throughout the United States. Since 1972, the fund has completed corporate sale-leaseback transactions in 33 states with such companies as Daimler Chrysler, Ceridian Corporation, Honeywell, Bank of America, Ashland Oil, United HealthCare Corporation, Jones Apparel Group, Corporate Express, CVS Drugs, Giant Food Stores, Texaco, 7-Eleven and Supervalu, Inc. to name a few.
