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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.

Media Contact:

GE Capital

Sue Bishop

(203) 750-5362

[email protected]

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