GE sells property portfolio, signals focus on industrial operations
April 11 , 2015
General Electric (GE) is selling almost it entire property portfolio, which is worth more than $26 billion, to various funds such as Wells Fargo, the American multinational firm announced.
The deal is being described as the biggest sale of commercial property in the country since 2007.
GE has been cutting down on its global property investments as it seeks to concentrate on industrial operations.
Jeff Immelt, the GE chairman, described the divestment as a “major step” in the company’s strategy to “focus GE around its competitive advantages.”