London, 23 April 2008. GE Real Estate today announces that it has acquired a €1.272 billion portfolio of Senior and Whole loans in a performing commercial property loan book from Capmark Europe.
The portfolio comprises 39 loans to a group of high quality borrowers secured, with attractive loan to values on a range of different assets throughout Europe, the majority of which are domiciled in Germany.
The transaction follows GE’s acquisition in November 2007 of a £2 billion portfolio of performing commercial property loans from Bradford & Bingley PLC. The transaction will enable GE Real Estate to deploy its long-established skills in managing large portfolios of performing loans with the backing of GE’s AAA-rated corporate balance sheet.
Commenting on the acquisition, Michael Rowan, Managing Director of GE Real Estate UK, said:
“This significant transaction has enabled us to capitalize on GE’s AAA-rated corporate balance sheet and our local and global resource to invest in the market during a period of market uncertainty. This, our second large debt deal within the last six months, was attractively priced against good quality underlying real estate which is providing strong
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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$87 billion in assets and a presence in 31 markets 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$337 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.
