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GE Capital to Pay $1.2 Bil for Two DaimlerChrysler Lending Units

STAMFORD-GE Capital has entered into a definitive agreement to acquire the portfolios two real estate and business lending units of DaimlerChrysler Capital Services in Norwalk for $1.2 billion in cash.

By John Jordan | Updated on January 24, 2002

STAMFORD-GE Capital’s Commercial Real Estate and Commercial Financing divisions have reached a definitive agreement to purchase the portfolios of two lending units of DaimlerChrysler Capital Services in Norwalk for $1.2 billion in an all cash transaction.

The deal, which is expected to close during the first quarter of this year, consists of loan portfolios of primarily office and rental apartment properties as well as hotels, golf courses and marinas in the U.S. The transaction also includes a portfolio of mid-sized loans extended to manufacturers and corporate borrowers. The transaction involves GE Capital’s purchase of DaimlerChrysler Capital Services’ Commercial Real Estate and Asset Based lending portfolios.

GE Capital officials say that the deal will provide the Stamford-based company with property types that match well with its existing GE Commercial Real Estate and Commercial Finance division portfolios. The transaction does not require any further government or regulatory approvals, GE Capital officials say.

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