GE Real Estate Purchases $4.1B Commercial Pool

(Read more on the debt and equity markets.)

LONDON-In a transaction that dramatically ramps up its presence in Europe’s debt market, GE Real Estate has acquired a major swath of performing commercial property loans. Backed by a diverse mix of assets located throughout the United Kingdom, the package purchased from UK-based Bradford & Bingley plc is valued in excess of $4.1 billion.

“We are very pleased to have had the opportunity to work with Bradford & Bingley’s professional management team and to have been given the opportunity to acquire this high-quality portfolio,” Michael Rowan, managing director of GE Real Estate UK, says in announcing the agreement. While the company has “a long history of debt transactions,” Rowan accedes that the latest purchase is a super-sized offering by any measure, putting GE’s total investment in European real estate at more than $20 billion. Despite such heft, Rowan insists GE is equipped to handle the added volume.