GE close to selling nearly all its real estate holdings: source

April 10, 2015 12:22 AM

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GE close to selling nearly all its real estate holdings: source

(Reuters) - General Electric Co is nearing a deal to sell practically all of its $30 billion real estate portfolio to a consortium led by Blackstone Group and Wells Fargo & Co, according to a person familiar with the matter.

This would be the biggest commercial real estate deal since Blackstone's acquisition of office landlord Equity Office Properties Trust in 2007 for $39 billion, including debt. It comes as the Federal Reserve is widely expected to raise interest rates later in the year, pushing up financing costs.

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