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

Deal could be announced as soon as today

TRD MIAMI /
Apr.April 10, 2015 11:15 AM

From the New York website: 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
Blackstone CEO Stephen A. Schwarzman and 5120 Northwest 165 Street

Blackstone buys two Miami Gardens industrial properties for $14M

3208 Northwest 72 Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps and Getty Images)

Blackstone buys industrial portfolio near Miami airport for $56M

Blackstone CEO Stephen A. Schwarzman and Southwest 13th Court (Credit: Google Maps)

Blackstone snags industrial site in Pompano Beach for $10M

Blackstone CEO Stephen A. Schwarzman, the Exchange Lofts apartments at 115 Northeast Third Avenue in Fort Lauderdale

Blackstone sells the Exchange Lofts in downtown Fort Lauderdale for $23M

Southern Palm Crossing with Blackstone president Jon Gray and InvenTrust Properties CEO Thomas P. McGuinness

Blackstone sells Costco-anchored shops to InvenTrust for $97M

Stephen A. Schwarzman and 8482 Northwest 96th Street (Credit: Google Maps)

Blackstone buys 9-acre industrial site in Medley

Blackstone CEO, 14500 Hotel Road and 14700 Hotel Road, 130 North University Drive

Blackstone bets on Broward County with hotels purchase

Clockwise from top left: Doral View and Town Fontainebleau Lakes, Alister Boca Raton, Luma West Palm, Glen Apartments, Avana Cypress Creek Apartments

Here are South Florida’s top five multifamily sales in June

arrow_forward_ios