)
GE’s selling most of its $30B in real estate in a move away from its finance business. GE’s been talking to Blackstone and Wells Fargo about the $26B in office, retail and other commercial assets around the globe that it aims to unload. The properties aren’t centered in booming CBDs, but include office parks in places like Chicago’s western ‘burbs and the stretch between LA and San Diego, the Wall Street Journal reports. Details of a deal could come out today. Sources tell the Journal that GE’s brass views the real estate and lending operations as non-essential and potentially risky, as do shareholders. GE’s had trouble bumping its stock price above $30/share ever since the financial crisis of 2008. Shares went up 3% yesterday when news first broke that a big real estate deal could be in the works. The banking arm’s been shrinking since the financial crisis, but it’s still the seventh biggest bank in the country. The company’s said it won’t ditch its aircraft leasing or healthcare financing arms. Blackstone isn’t yet confirming whether GE’s sale will be where it dumps the $14.5B it recently raised. [WSJ]
)
)
)
)
)
)
)
)
)
)
)
)