STAMFORD, Conn.--(BUSINESS WIRE)--May 5, 2005--GE Commercial Finance, the business-to-business financial services unit of the General Electric Company (NYSE: GE), today announced that it has agreed to sell Storage USA for $US2.3 billion in cash to a joint venture between Extra Space Storage Inc. (NYSE:EXR) and Prudential Real Estate Investors, which is acting on behalf of its institutional clients.
Based in Memphis, Tennessee, Storage USA is one of the largest self-storage companies in the United States with over 450 properties in 30 states and the District of Columbia. Extra Space Storage is a publicly traded real estate investment trust headquartered in Salt Lake City, Utah, that owns and operates 148 self-storage properties in 20 states. Prudential Real Estate Investors is the real estate investment and advisory business of Prudential Financial Inc. (NYSE:PRU).
"I'm proud of the work our team did to strengthen Storage USA's position in the self storage industry. We're selling Storage USA at the right time at an attractive price to a buyer that will build on our accomplishments and continue to serve customers well," said Michael Pralle, president and CEO of GE Commercial Finance, Real Estate.
The agreement is expected to close in the third quarter of 2005 and is subject to customary closing conditions.
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over US$230 billion and is headquartered in Stamford, Connecticut, USA.
GE Commercial Finance Real Estate is one of the world's leading resources for commercial real estate capital. The business has assets over $30 billion and more than 30 offices throughout North America, Europe and Asia/Pacific.
General Electric (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit www.ge.com.
Caution Concerning Forward Looking Statements: This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More information about those factors is contained in GE's filings with the Securities and Exchange Commission.
Contacts
GE Commercial Finance
Stephen White, 203-357-4396
Marissa Moretti, 203-961-2290
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340