«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 acquisition 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-establishedskills 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 capitalise on GE’s AAA-rated corporate balance sheet and our local and global resource to enable us to continue 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 providing strong cashflow." » (CS della Società)
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