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Press Release

GE Capital Real Estate Closes Nearly $10 Billion In Transactions Towards Exit

June 17, 2015

·         Strong progress  since April 10 disposition announcement

·         Bulk of remaining debt and equity to close in second and third quarter

FAIRFIELD, CT - June 17, 2015 - GE [NYSE:GE] announced its GE Capital Real Estate business has now completed transactions totaling $9.5 billion with Blackstone [NYSE: BX], Wells Fargo [NYSE: WFC], Shinsei Bank Limited and other buyers for portfolios in Canada, Japan, Germany, U.K. and the U.S.

As announced on April 10, $22.5 billion of GE’s real estate debt and equity assets will be sold to Blackstone and Wells Fargo. On May 29, Shinsei Bank announced it had acquired from GE a

$0.5 billion portfolio of assets in Japan. GE has pending transactions with other buyers for an additional $3.5 billion of debt and equity assets located primarily in France, Germany, Italy, Japan  Spain, the U.K. and the U.S. Most of these transactions are expected to close in the second and third quarter.

“There has been tremendous cooperation and speed by all parties as we work through these closings,” said Alec Burger, CEO of GE Capital Real Estate. “This is one of the largest commercial real estate transactions in the history of the industry and we’re pleased with the progress being made around the globe.”

Keith Sherin, GE Capital chairman and CEO, noted, “Our real estate exits are going well and support our overall estimate of achieving $100 billion of dispositions by the end of 2015.”   

Eastdil Secured/Wells Fargo Securities is acting as advisor to Blackstone and Wells Fargo. Simpson Thacher & Bartlett LLP is acting as legal counsel to Blackstone, and Dechert LLP is acting as legal counsel to Wells Fargo.

GE Capital is being advised by Kimberlite Group, Bank of America Merrill Lynch and Hogan Lovells and Reed Smith.

About GE

GE (NYSE: GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com

Media Contact:

GE Capital

Sue Bishop

(203) 750-5362

[email protected]

Caution Concerning Forward-Looking Statements:

This document contains “forward-looking statements” - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” or “target.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about our announced plan to reduce the size of our financial services businesses, including expected cash and non-cash charges associated with this plan; expected income; earnings per share; revenues; organic growth; margins; cost structure; restructuring charges; cash flows; return on capital; capital expenditures, capital allocation or capital structure; dividends; and the split between Industrial and GE Capital earnings. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: obtaining (or the timing of obtaining) any required regulatory reviews or approvals or any other consents or approvals associated with our announced plan to reduce the size of our financial services businesses; our ability to complete incremental asset sales as part of this plan in a timely manner (or at all) and at the prices we have assumed; changes in law, economic and financial conditions, including interest and exchange rate volatility, commodity and equity prices and the value of financial assets, including the impact of these conditions on our ability to sell or the value of incremental assets to be sold as part of this plan as well as other aspects of this plan; the impact of conditions in the financial and credit markets on the availability and cost of GECC’s funding, and GECC’s exposure to counterparties; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; pending and future mortgage loan repurchase claims and other litigation claims in connection with WMC, which may affect our estimates of liability, including possible loss estimates; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the adequacy of our cash flows and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; GECC’s ability to pay dividends to GE at the planned level, which may be affected by GECC’s cash flows and earnings, financial services regulation and oversight, and other factors; our ability to convert pre-order commitments/wins into orders; the price we realize on orders since commitments/wins are stated at list prices; customer actions or developments such as early aircraft retirements or reduced energy demand and other factors that may affect the level of demand and financial performance of the major industries and customers we serve; the effectiveness of our risk management framework; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of financial services regulation and litigation; adverse market conditions, timing of and ability to obtain required bank regulatory approvals, or other factors relating to us or Synchrony Financial that could prevent us from completing the Synchrony Financial split-off as planned; our capital allocation plans, as such plans may change including with respect to the timing and size of share repurchases, acquisitions, joint ventures, dispositions and other strategic actions; our success in completing, including obtaining regulatory approvals for, announced transactions, such as the proposed transactions and alliances with Alstom, Appliances, Real Estate and Sponsor Finance, and our ability to realize anticipated earnings and savings; our success in integrating acquired businesses and operating joint ventures; the impact of potential information technology or data security breaches; and the other factors that are described in “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014. These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

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