GE To Shed Light On Its Properties
The Wall Street Journal reports: GE's portfolio is vulnerable to steeper losses partly because the company bought so much at the top of the market. According to Real Capital Analytics, a research firm in New York, GE sold $7 billion of real estate world-wide in 2007 but acquired $16.6 billion that frothy year.
Some of GE's 2007 deals appear to be turkeys. For example, in July 2007, GE bought nine office complexes in Chicago from Blackstone Group LP for $1.05 billion. Those properties had been owned by Equity Office Properties, which Blackstone acquired for $39 billion at the beginning of 2007 and then sold off in large chunks. Vacancy is rising at most of those properties, according to real estate firms.
View the full article on The Wall Street Journal: GE To Shed Light On Its Properties
Posted by: Nina Turner