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GE Capital Real Estate Reorganizes Into Three Units

STAMFORD, CT-In a decision fueled at least in part by its pending $5.3 billion deal to acquire Security Capital Group, GE Capital Real Estate reports it has reorganized its North American business into three operating platforms.

By John Jordan | Updated on February 26, 2002

STAMFORD, CT-GE Capital Real Estate, which is moving forward on its multi-billion dollar purchase of Security Capital Group, says it has reorganized its North American operations into three operating platforms: North American Equity Holdings. North American Debt and Specialized Industries.

The company reports that it has promoted Joe Parsons, the president and chief executive officer of GE Capital Equity, to president of GE Capital Real Estate’s North American Equity Holdings business. Parsons will be responsible for the company’s new Security Capital unit and the existing Strategic Ventures and Leveraged Equity platforms. The Security Capital unit will be formed pending approvals and closing of GE Capital Real Estate’s proposed $5.3 billion acquisition of Security Capital Group.

GE Capital Real Estate officials also note that senior vice president Mike Rowan, who took on the leadership of the firm’s Specialized Industries business when GE Capital acquired Heller Financial in the fall of 2001, will continue in that role. Last year, GE Capital Corp., acquired Heller Financial and Heller’s real estate operations were later spun off into GE Capital Real Estate. Both Parsons and Rowan will report to GE Capital Real Estate president and chief executive officer Michael Pralle.

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