Blackstone Group LP, which has put $1 billion of equity this year into Asian real estate, says it’s poised for more deals in the region as maturing funds sell assets and banks retreat amid new regulations.
General Electric Co. will finish shrinking its finance business by 2015 after spinning off the North American consumer lending unit, capping Chief Executive Officer Jeffrey Immelt’s effort to reduce credit risks.
General Electric Co.’s real estate unit said it agreed to acquire commercial mortgages valued at 1.4 billion pounds ($2.3 billion) from Deutsche Postbank AG to expand its refinancing and new-loan business.
EFS Cogen Holdings I LLC, the owner of a power plant in Linden, New Jersey, set the rate on an $825 million loan that will be used to refinance debt and pay a dividend to owner General Electric Capital Corp., according to a person with knowledge of the transaction.
For the first time since the 2008 financial crisis, derivatives traders regard General Electric Capital Corp. as less risky than JPMorgan Chase & Co. as GE shrinks the unit and the bank faces billions of dollars in fines.
GE Capital Real Estate, among the world’s biggest property investors before getting burned in the financial crisis, is increasing lending this year as deals accelerate and the cost of borrowing jumps in the commercial mortgage-backed securities market.
General Electric Co.’s finance arm is pulling away from the biggest U.S. banks in the eyes of credit traders, signaling an end to more than three years of repression for declining profits during the financial crisis.
RadioShack Corp., the unprofitable consumer-electronics seller, received commitments for $835 million in new financing, said a person with knowledge of the matter, replacing its existing $625 million credit facilities.