General Electric to sell property portfolio worth $26.5bn April 11, 2015 - 14:49 AMT PanARMENIAN.Net - General Electric (GE) has announced it will sell nearly all of its property portfolio, worth $26.5bn, to funds including Wells Fargo and Blackstone, according to BBC News. The sale is the biggest commercial property deal in the U.S. since 2007. GE has been retreating from its property investments globally as it focuses on its industrial operations. Without its properties, the company says it expects its other, "high-value" operations to bring in 90% of earnings by 2018, compared to 58% today. The plan allows GE to buy back nearly two billion of its outstanding shares. A further $4bn of commercial real estate assets will be sold to other buyers. GE said it hoped the divestment would make it a "simpler, more valuable" company. Chairman Jeff Immelt said: "This is a major step in our strategy to focus GE around its competitive advantages." Related links:   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Czech-Armenian military cooperation discussed in Yerevan  A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia.U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel.Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide.Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |
