MADRID, 29 DECEMBER 2006 – GE Real Estate Iberia (“GE Real Estate”) has reached a preliminary agreement with Landscape Inmobiliaria for the purchase of a significant mixed-use real estate portfolio in Spain. These assets, totalling close to 300,000 m2, will be acquired for an approximately €600 million.
The portfolio comprises assets located primarily in Barcelona and Madrid and includes office buildings, industrial properties and other mixed-use assets. At the present time, 85% of the properties are being operated as leased premises, with a number of well-known companies and national and international institutions as tenants, including Henkel Ibérica, Generalitat (Regional Government) of Catalonia, Vallehermoso, Banco de Sabadell, El Corte Inglés and Volkswagen-Audi España, among others.
CB Richard Ellis acted as real estate advisors for the operation, and Uría Menéndez as GE Real Estate’s legal advisor.
Marcelo Horcel, Managing Director of GE Real Estate Iberia, commented:
“2006 has been a successful year for GE Real Estate, in which we have made more than €500M investments so far, and this deal gives us a head start for 2007; we expect to reach more than €1 billion in investments in Iberia in 2007. The composition of the Landscape portfolio combines well with the profile and expertise of GE Real Estate in the office and industrial sectors and will enable our local team of professionals to contribute significant added value through the management of these assets.
“We now have a significant foothold in the Barcelona office and logistics markets, an attractive market expected to show strong rental growth and healthy economic fundamentals underpinning this investment.”
GE Real Estate Contact: Stephanie Highett/Dido Laurimore/ Nicole Marino +44 20 7831 3113,
Stephanie.highett@fd.com, dido.laurimore@fd.com, nicole.marino@fd.com
About GE Real Estate
GE Real Estate (
www.gerealestate.com) is one of the world's premier commercial real estate companies with USD49 billion in assets and a presence in 24 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 26% 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 over US$215 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 the General Electric Company (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
