Blackstone, Wells Fargo close to acquiring most of GE’s $30B real estate portfolio

Deal could be announced as soon as today

TRD NEW YORK /
Apr.April 10, 2015 09:30 AM

General Electric is close to selling most of its $30 billion real estate portfolio, and top candidates to buy include Blackstone Group and Wells Fargo & Co.

The companies have been in talks to acquire $26 billion of GE’s holdings. If completed, the it would be one of the largest property deals ever. The holdings include commercial properties like shopping malls and office buildings spread all over the world.

Sources familiar with the deal told the Wall Street Journal that it could be announced as soon as Friday.

GE has been considering separating from its big finance business and most of its $500 billion lending operation, as investors have worried about the risk and CEO Jeff Immelt has come under pressure to focus GE as an industrial company.

In December, Blackstone raised $2.35 billion in the IPO of Hilton Worldwide Holdings. [WSJ] — Tess Hofmann


Related Articles

arrow_forward_ios
Liberty View Plaza at 850 3rd Avenue and Marvin Schein (inset) (Photo by Axel Dupeux)

City lets Salmar bring office tenants to Brooklyn industrial property

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

New York Life building gets $410M refi

New York Life building gets $410M refi

Blackstone's Jonathan Gray and an aerial of Industry City (Credit: Getty Images and Google Maps)

Industry City gets $720M refinancing

From left: Blackstone's Jonathan Gray, Joseph Simone of Simone Development and 535 Zerega Avenue in the Bronx (Credit: Google Maps, Simone Development)

Blackstone buys Bronx warehouse for $29M from controversial carter

Related chairman Stephen Ross with 30 Hudson Yards, 1633 Broadway and 55 Hudson Yards (Credit: Getty Images, Paramount, Wikipedia)

Here were NYC’s largest real estate finance deals of 2019

Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Blackstone picks up Canarsie shopping plaza for $130M

Blackstone Chairman Stephen Schwarzman (Credit: Blackstone via YouTube)

It will make you laugh, it will make you … cringe: Blackstone’s latest holiday video

arrow_forward_ios
Loading...