NewswireToday - /newswire/ -
Frankfurt, Germany, 2014/10/02 - GE Capital Real Estate announces the completion of a €16MM acquisition facility with one of Westcore Europe LLC’s affiliate to purchase a 36.000 m² office campus located in Berlin, Germany - GECapitalRealEstate.com. NYSE: GE
• GE Capital Real Estate to provide a €16MM acquisition facility to one of Westcore Europe LLC’s affiliate;
• Additional loan to cover future capex;
• First debt deal in Germany;
• With more than $4 bn of loans in 12 months, GECRE’s lending business mainly in the UK - is now expanding to Germany;
• Type of debt products: acquisition finance and refinancing of office and logistic/light industrial assets.
GE will provide an additional loan to cover future capex and lease up related costs.
GE Capital continues to expand its real estate lending in Europe adding over $4bn of loans in the last 12 months and has identified Germany as one of the core markets to provide senior lending up to 75% LTV. Main focus is acquisition finance as well as refinancing of office and logistic/light industrial assets. Ticket size for single assets is between €15-100MM and for portfolios between €50-400MM.
“We have identified Germany as one of the key and safe markets for GE Capital Real Estate in Europe and we are looking to lend around €1BN in Germany in the next 18 months”, said Frank Roseen, Managing Director of GE Capital Real Estate Germany & CEE.
For more business information please contact Frank Roseen (+49 172 620 65 33) or Sandra Ludwig (+49 173 660 34 63).
About GE Capital Real Estate
GE Capital Real Estate (gecapitalrealestate.com) is a leading commercial real estate company, with global assets of $37 billion and debt and equity activities in North America, Europe and Asia-Pacific. As a unit of General Electric (GE), it can offer access to the strength, industry knowledge and global reach of one of the world’s leading companies.
GE Capital Real Estate Europe has an €11.2 billion assets portfolio and serves clients’ equity investments including direct acquisitions of single assets or portfolios, joint venture equity partnerships, corporate outsourcing transactions, sale-leasebacks, financing, and asset management. Focus sectors include office, multifamily equity investments, retail and warehouse assets, hotels and development projects.