GE Completes Sale of European Sponsor Finance Business
SEP 17, 2015 - 7:42 am
GE completed the previously announced sale of its European Sponsor Finance business to Sumitomo Mitsui representing an aggregate ending net investment of approximately $2.1 billion.
In addition, GE closed the sale of a $3.7 billion portfolio of loans from its UK home lending business to Kensington Mortgage, a company controlled by Blackstone Tactical Opportunities and TPG Special Situation Partners. GE has closed about $30 billion in previously announced GE Capital Real Estate sales.
“We are pleased to complete the sale of the European Sponsor Finance business to SMBCE. In addition, with the closing of our third loan portfolio sale this year, we have reduced the size of our UK home lending business by nearly 50% to less than $7 billion,” said Keith Sherin, GE Capital chairman and CEO. “These closings represent important milestones as we continue to execute on our plan to sell most of the assets of GE Capital.”
This is yet another step in GE’s plan to sell off most of its GE Capital in order to focus on its industrial businesses. According to GE, with the addition of the UK home lending portfolio, the total for GE Capital announced sales this year is approximately $90 billion.
“We are pleased with the progress we are making to reach and close agreements for our businesses and assets. The speed and value we have achieved is a testament to the hard work of our GE Capital teams around the world,” said Sherin.
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