GE Capital, through its Real Estate business, announced today that it has completed its acquisition of Security Capital Group Incorporated, an international real estate operating company.
â€œWe are very enthusiastic about this acquisition and the opportunities that it offers us for growth,â€ said Michael Pralle, President and CEO of GE Capital Real Estate. â€œFrom the start, we recognized Security Capitalâ€™s strengths. It is a well-run business with excellent talent and solid positions in self-storage, grocery-anchored retail and parking, which are some of the most stable asset classes in real estate. It would have been time-consuming and difficult for us to build these businesses from the ground up. Our depth of experience and capital will now allow us to further develop them.â€
This acquisition provides GE Capital with ownership positions in Storage USA, an owner, operator and developer of self-storage facilities throughout the United States; Regency Centers (NYSE: REG), an owner, operator and developer of grocery-anchored neighborhood retail centers in the United States and InterPark, a manager and owner of parking facilities throughout the United States.
GE Capital also acquired BelmontCorp, a leading owner, operator and developer of senior assisted living facilities; Security Capital Research & Management, a real estate investment advisor; and an interest in Security Capital European Realty, a holding company that owns and operates public car park facilities, self-storage facilities and offices for multi-national companies in Europe.
About GE Capital Real Estate:
GE Capital Real Estate, headquartered in Stamford, CT, is one of the industryÂ's most diverse global resources for commercial real estate capital, with a portfolio of over $24 billion, through its structured finance, equity and capital markets products.
GE Capital, with assets of more than $425 billion, is a global, diversified financial services company grouped into six key operating segments comprised of 25 businesses. A wholly owned subsidiary of General Electric Company, GE Capital, based in Stamford, Conn., provides a variety of consumer services, such as credit cards and life and auto insurance; mid-market financing; specialized financing; specialty insurance; equipment management, and specialized services, to businesses and individuals in 47 countries around the world. GE is a diversified services, technology and manufacturing company with operations worldwide.
(source: GE Capital Real Estate)